The marketing manager of Negi general insurance Co# 6td# has attracted a few items from the trial balance of the company as at December 31- 1!!0 and has requested you as Chief Accountant to prepare revenue a7c and profit and loss account for the year 1!!0# $the items extracted are as follows+8 S$”. Directors fees.’-”’Dividends received.”‘-”’9roision for ta (1#1#!0)”‘-”’interest received !’-”’*ide Assets (1#1#!0)1”-”’5ncome tax paid during the year””-”’ %i Main “$”. “$”. Outstanding Claims (1#1#!0) 13′-”’ 3′-”’Claims paid ,”‘-”’.!’-”’:seers for unexpected rise% (1#1#!0) “”-”’3′-”’premiums received-33′-”’!’-”’Commission to agents 1″‘-”’1”-”’;lenses to management 1!’-”’ ‘-”’ :insurance premium (Dr#) 13′-”’ 3′-”’$the following points are also to be taken into account+8(a)Depreciation on fixed assets at 1′< be provided(b)5nterest accrued she# .’-”'(c)$he directors has decided that the provision for taxation should stand at she# ,”-”’ on December 31-1!!0#(d)Claims outstanding as on December 31- 1!!0+8 *ire she# “‘-”’= Carine she# 1′-”’#(e)9remiums outstanding as on December 31st 1!!0+8 *ire shs# 1.’-”’= Carine she# 2′-”’#(f):reserves for unexpired rises to be %apt *ire “‘< of the premiums= are 1”< of the premiums#
