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
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2000
Advertising expenses
2200
50% selling
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8000
50% selling
Tele
600
Rent expenses
4300
1300$ selling
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255000
Supplies expenses
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Interest expenses
1700
Depreciation expenses
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Gibson Limited
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Income Statement For the Year Ended December 31, 2018 Sales &nb
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For the Year Ended December 31, 2018
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Fixed
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640,000
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Gross
Margin
$4,610,000
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$580,000
Fixed marketing expenses
300,000
Fixed admin expenses
450,000
1,330,000
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230,000
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640,500
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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
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Income
$3,280,000
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