Final Accounts Of Insurance Companies Problems And Solutions PdfBy Lori S. In and pdf 26.03.2021 at 07:06 6 min read
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- Final Accounts of General Insurance Companies - Advanced Corporate Accounting B Com Notes | EduRev
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The insurance companies are required to prepare their financial statements i. Insurers carrying on Life Insurance Business should comply with the requirements of Schedule A of the Regulations which among other things, gives the following Forms:. Insurers doing General Insurance Business should comply with requirements of Schedule B of the Regulations which among other things, gives the following Forms:. In both cases, Revenue Account and Balance Sheet are given in summary form. There are 15 Schedules in each case, the first four schedules relate to Revenue Account and the remaining eleven schedules relate to Balance Sheet which give details of the summary heads.
Final Accounts of General Insurance Companies - Advanced Corporate Accounting B Com Notes | EduRev
Joint Stock Company. Types of Companies. Formation of Company. Accounting for Share Capital. Why do you assume wages is part of goods sold and not expenses to be deducted from gross profit? Your email address will not be published. Save my name, email, and website in this browser for the next time I comment. Notify me of new posts by email. Submit Comment. Adjustments: a Closing stock Rs, 35, Salaries for the month of June, amounting to Rs. However, salaries included Rs.
Office expenses outstanding Rs. Insurance amounting to Rs. Stock use for private purpose Rs. Adjustments: Stock at the end of year Rs. The provision for bad debts to be Rs. During the year machinery was purchased for Rs. Insurance is paid in advance to the extent of Rs. Reserve for discount is no longer required and is to be written back. Closing stock is valued at Rs. Interest on bank loan is outstanding. Hashim and Ibrahim share profit and loss equally, other information is given below: Stock at the December 31 st , was Raw material Rs.
Outstanding expenses: Salaries Rs. Insurance paid for 15 months upto March Write-off Bad debts of Rs. Goods withdrawn by Hashim for personal use Rs. Search here… Search for:. Facebook Handle. Alishba on February 12, at pm.
Great site! Zaheer Swati on January 20, at pm. See where Insurance account reported in question along with adjustment in brackets. Aadhi on November 13, at pm. Great site dude! Ive been looking for something like this. Submit a Comment Cancel reply Your email address will not be published.
In this article we will discuss about the top five accounting problems on Insurance Companies with their relevant solutions. Amount of Life Assurance Fund at the beginning of the year, Rs 14,70, thousand; claims by death Rs 76, thousand; claims by maturity, Rs 56, thousand; premiums, Rs 2,10, thousand; expenses or management, Rs 19, thousand; commission, Rs 26, thousand; consideration for annuities granted Rs 10, thousand; interests, dividends and rents, Rs 52, thousand; income tax paid on profits Rs 3, thousand; surrenders, Rs 21, thousand; annuities, Rs 29, thousand; bonus paid in cash, Rs 9, thousand; bonus paid in reduction of premiums, Rs 2, thousand; preliminary expenses balance, Rs thousand; claims admitted but not paid at the end of year, Rs 10, thousand; annuities due but not paid, Rs 2, thousand; capital paid up, Rs 14,00, thousand; Government securities, Rs 24,90, thousand; Sundry Fixed Assets, Rs 4,19, thousand. It comprised of Rs 15 crore in respect of marine insurance business; Rs 20 crore in respect of fire insurance business and Rs 5 crore in respect of miscellaneous insurance business. The following balances appeared in the books of the Happy Life-Assurance Co. From the following figures taken from the books of New Asia Insurance Co. Accounting Problems on Accounting Ratios.
THE PRESENTATION OF COST RESULTS. Text 9 8. ; Discussion ; Solution 1 BALANCE SHEET OF LIFE INSURANCE COMPANIES.
Accounting Problems on Insurance Companies
This life insurance does not specifically cover funeral goods or services, and may not cover the entire cost of your funeral at the time of your death. The beneficiary of this life insurance may use the proceeds for any purpose, unless otherwise directed. Policy Forms Nos.
General insurance business means business other than life insurance business. General insurance companies operating in India were nationalised on 13th May, by the Ordinance of the President of India. The accounts of the General Insurance Companies were maintained according to the provisions of Insurance act
It is the amount to be paid for a contract of insurance to the insurance company. No claim bonus is a benefit for those who have not claimed insurance during the preceding year of cover. This will lower the premium on the following year. The loss payee is a person or institution Bank that receives the insurance payment on the loss of the property or vehicle you own.
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