We read your photo as:

Prepare the Revenue Account for Fire Insurance Business, including schedules for Premium Earned, Claims Incurred, Commission, and Operating Expenses.

Accounting

ScanSolve AI Answer

Answer

To prepare the Revenue Account for Fire Insurance Business, we first need to calculate the figures for the relevant schedules: Schedule 1 (Premium Earned), Schedule 2 (Claims Incurred), Schedule 3 (Commission), and Schedule 4 (Operating Expenses).

Step-by-step solution

2 steps

Schedule 1: Premium Earned (Net)

  1. Calculate Gross Premium.

    The problem provides a partially filled Schedule 1. We will assume the final figure 'D' of 2,52,00,000 represents the Gross Premium (after adjusting for reinsurance accepted and ceded) for the year.

    • Gross Premium (after reinsurance adjustments) = 2,52,00,000

  2. Adjust for outstanding premium.

    • Add:
Was this helpful?

Still stuck on this one?

Ask a follow-up, and the answer starts from this question.

Got a different question?Ask your own question

More Accounting Questions

QPrepare the Revenue Account for the Fire Insurance Business for the year ended 31/3/2024, given the…QPrepare the Statement of Profit or Loss for the year ended 31st December 2019, including necessary…QPrepare the Trading and Profit and Loss Account and the Balance Sheet.QPrepare the Income Statement.QPrepare the Retained Income account and Appropriation account, including calculations for shares in…
See all Accounting questions →
Got a syllabus? Photograph it and I'll tell you what's due and what's worth the most.
Handwritten step-by-step solution preview

Handwritten Step-by-Step Solution

Get this as a handwritten image on WhatsApp — like a tutor wrote it for you.

Try on WhatsApp