Question
In: Accounting
(a)According to the Al ahlia insurance LLC the details of premium for the year ended 31/12/2018...
(a)According to the Al ahlia insurance LLC the details of premium for the year ended 31/12/2018 as given below. Calculate the amount of premium to be entered in the revenue account and give the respective journal entries also.
|
Particulars |
OMR |
|
Premium received during the year |
1,133,000 |
|
Outstanding premium on 1/1/18 |
87,000 |
|
Outstanding premium on 31/12/18 |
109,000 |
|
Premium received in advance 1/1/18 |
28,000 |
|
Premium received in advance 31/12/18 |
22,000 |
|
Re-insurance premium paid for 2018 |
160,000 |
|
Bonus in reduction of premium |
7,000 |
(b) Prepare the profit and loss account of Amjaad bank for the year ended 31/12/2017 from the following information.
|
Particulars |
OMR |
|
Interest on loans |
259,000 |
|
Interest on cash credits |
195,000 |
|
Interest on Fixed deposits |
275,000 |
|
Interest on current accounts |
42,000 |
|
Interest on government securities |
54,000 |
|
Interest on inter-bank borrowings |
68,000 |
|
Discount on bills discounted |
195,000 |
|
Commission and exchange |
8,000 |
|
Miscellaneous receipts |
7,000 |
|
Rebate on bills discounted (1/1/2017) |
49,000 |
|
Establishment expenses |
54,000 |
|
Rent and taxes |
18,000 |
|
Directors and auditors’ fees |
6,000 |
|
Postage and telegrams |
4,000 |
|
Printing and advertisement |
3,000 |
|
General expenses |
2,000 |
|
Bad debts |
12,000 |
|
Profit and loss account (cr) (1/1/2017) |
30,000 |
|
Insurance |
8,000 |
|
Salaries |
32,000 |
|
Contribution to provident fund |
20,000 |
Provide OMR 8,000 for depreciation, OMR 20,000 for bad debts reserve and OMR 15,000 for taxation. An interim dividend of OMR 12,000 was paid. Rebate on bills discounted at the year end was OMR 10,000.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
The following selected information for sana co . for year ended 31/12/2018 in euro Sales 520000...
The following selected information for sana co . for year ended
31/12/2018 in euro
Sales
520000
Beginning inventory
100000
Purchases
350000
Fright on Purchases
16000
Purchases return
35000
Salaries
44000
50% selling
Fright out
3000
Sales discount
2000
Advertising expenses
2200
50% selling
Traveling expenses
8000
50% selling
Tele
600
Rent expenses
4300
1300$ selling
Retained earning
255000
Supplies expenses
5300
Selling
Dividend
25000
Bonds
1200000
Interest expenses
1700
Depreciation expenses
6700
50% selling
Bad debit expenses
1000
Insurance expenses...
The following are the details found by Hind from the books of Al Ahlia LLC. Cash...
The following are the details found by Hind from the books of Al
Ahlia LLC. Cash RO 1,000,000 Receivables RO 150,000 Debtors RO
150,000 Plant RO 800,000 Machinery RO 400,000 Furniture RO 200,000
Current debts RO 600,000 Long term loans RO 800,000 Debentures RO
200,000 Owner’s Equity RO 1,100,000 The current price index is
280The plant and machinery and long term debt were acquired when
price index was at 180. You are required to revise the summary
balance sheet to...
Vita Dental Agencies current fiscal year ended on December 31, 2018. For the year then ended,...
Vita Dental Agencies current fiscal year ended on December 31,
2018. For the year then ended, the company has reported an
unadjusted net income of $100,000. The owner has some doubt about
this figure and has asked you to review his accounting records.
Required: Make adjusting entries as at December 31,
2018 for the following information uncovered in your review (show
your calculations for full marks):
a) Vita occupied their new
building for the first time on May 1, 2018....
Labels: Current assets Current liabilities December 31, 2018 Expenses For the Year Ended December 31, 2018...
Labels: Current assets Current liabilities December 31,
2018 Expenses For the Year Ended December 31, 2018 Property, plant,
and equipment Revenues Amount Descriptions: Book
value-building Book value-equipment Change in retained earnings Net
income Net loss Retained earnings, December 31, 2018 Retained
earnings, January 1, 2018 Total assets Total current assets Total
expenses Total liabilities Total liabilities and stockholders’
equity Total property, plant, and equipment Total revenues Total
stockholders’ equity
CHART OF ACCOUNTS
Lamp Light Company
General Ledger
ASSETS
11
Cash...
Go-Go & Co. is preparing its financial statements for the year ended 12/31/2015. As of 12/31,...
Go-Go & Co. is preparing its financial statements for the
year ended 12/31/2015. As of 12/31, the company’s current assets
are less than its current liabilities. The company is evaluating
whether it must comply with the Codification’s going concern
disclosure requirements, established in ASU 2014-15. Locate the
Codification topic that addresses this issue. Explain whether
disclosure of going concern issues is currently required for Go-Go
& Co, considering the transition guidance provided for this
topic. Next, explain whether such disclosure...
On July 1, 2018, a two-year insurance premium on equipment in the amount of $792 was...
On July 1, 2018, a two-year insurance premium on equipment in
the amount of $792 was paid and debited in full to Prepaid
Insurance on that date. Coverage began on July 1. Give the
adjusting journal entry required for each item at December 31,
2018.
Chang Company reported the following for the year ended December 31, 2018:
Chang Company reported the following for the year ended December 31, 2018:
Gross sales revenue $750,000
Sales returns $ 30,000
Cost of goods sold $250,000
Selling and administrative expenses $100,000
Gain on disposal of the battery division; considered a discontinued operation $ 20,000
Loss from operations of the battery division $ 60,000
Interest expense $ 40,000
Gain on the sale of a fixed asset $ 10,000
Assume...
Extracts of the Statement of Comprehensive Income for the year ended 31 December 2018 and the...
Extracts of the Statement of Comprehensive Income for the year
ended 31 December 2018 and
the Statement of Financial Position as at 31 December 2018 are
given below for two companies
viz. Amazon Limited and Gibson
Extract of the Statement of Comprehensive Income for the year
ended 31 December 2018:
Amazon Limited
R
Gibson Limited
R
Sales
6 600 000
2 160 000
Cost of Sales
4 620 000
864 000
Gross profit
...
Income Statement For the Year Ended December 31, 2018 Sales &nb
Income Statement
For the Year Ended December 31, 2018
Sales
$8,500,000
Manufacturing Expenses
Variable
$3,250,000
Fixed
overhead
640,000
3,890,000
Gross
Margin
$4,610,000
Selling and administrative expenses
Commissions
$580,000
Fixed marketing expenses
300,000
Fixed admin expenses
450,000
1,330,000
Net Operating
Income
$3,280,000
Fixed Interest
expenses
230,000
Income before
Taxes
$3,050,000
Income Taxes
(21%)
640,500
Net
Income
$2,409,500
Your company is considering out-sourcing the sales and marketing
to an agency specializing in these types of sales....
Income Statement For the Year Ended December 31, 2018 Sales &nb
Income Statement
For the Year Ended December 31, 2018
Sales
$8,500,000
Manufacturing Expenses
Variable
$3,250,000
Fixed
overhead
640,000
3,890,000
Gross
Margin
$4,610,000
Selling and administrative expenses
Commissions
$580,000
Fixed marketing expenses
300,000
Fixed admin expenses
450,000
1,330,000
Net Operating
Income
$3,280,000
Fixed Interest
expenses
230,000
Income before
Taxes
$3,050,000
Income Taxes
(21%)
640,500
Net
Income
$2,409,500
Your company is considering out-sourcing the sales and marketing
to an agency specializing in these types of sales....
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- A)Given a generic array with ‘n’ items (not only integers). Give a solution for checking whether...
- Explain virtualization as a key technology in cloud computing environments, as well as the purpose of...
- A system is set up to take raw grading information from the console and calculate a...
- I have an 8 by 8 array that has values ranging from 1-64. I am wanting...
- The background information and instruction of the question is provided below, and i only asked for...
- Which business or industry sectors have the most startups companies that consider a small and medium...
- 16. Cost of trade credit Firms usually offer their customers some form of trade credit. This...
ADVERTISEMENT