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prepare-a-revenue-account-and-balance-sheet

Prepare a revenue account and balance sheet

The following balances were extracted from the books of All Peoples Assurance Co. Ltd:

Life Assurance fund 1,470,562

Claims: by death 76,980

: by maturity 56,420

Premiums 210,572

Expenses of management 19,890

Commissions 26,541

Consideration for annuities granted 10,620

Interest, dividends, and rent 52,461

Income tax on these (paid) 3,060

Surrenders 21,860

Annuities 29,420

Bonus paid in cash 9,450

Bonus utilised in reduction of

Premium 2,500

Preliminary expenses 600

Claims admitted but unpaid at

Year end 80,034

Annuities payable 22,380

Paid up share capital 400,000

Government securities 1,490,890

Sundry assets 509,110

Fines for revising lapsed policies 92

Requirement: Take into account the following;

  • Claims covered under reinsurance – Sh10,000
  • Further claims intimated – Sh8,000
  • Further bonus utilised in reduction of premium – Sh1,500
  • Interest accrued – Sh15,400
  • Premiums outstanding – Sh7,400

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