Question

(b)
The following is the Trial Balance of G.K. Insurance Co.
Ltd. as on 31.12.1995.
Particulars
Dr. (Rs.) Cr. (Rs.)
1,00,000 shares of Rs. 10 each Rs. 4 paid
4,00,000
Sundry Creditors
70,000
Cash in hand and at Bank
1,00,000
Investments
20,00,000
Loans on policies
4,50,000
Claims less reinsurance
8,50,000
Annuities less reinsurance
1,50,000
Consideration for Annuities granted
3,50,000
Surrenders
2,50,000
Premium less reinsurance
15,50,000
Bonus in cash
15,000
Bonus in reduction of premium
5,000
Life Assurance Fund
16,00,000
Interest, Dividend and rent less tax
30,000
Management expenses
1,80,000
40,00,000 40,00,000
on
You are required to prepare the revenue A/c as
31st December 1995 and its Balance Sheet as on that date
after taking the following matter into consideration.
(1) Premium outstanding Rs. 18,000.
(ii) Claims intimated but not admitted Rs. 32,000.
(iii) Interest accrued Rs. 16,000.
(iv) Claims covered under reinsurance Rs. 14,000
(v) Further bonus in reduction of premium Rs. 9,000.
(vi) Management expenses due Rs. 4,000.
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Answer 1

Answer:

I don't know???

so sorry because it is too long question