From the following particulars of Zenith Insurance company prepare the revenue account and the balance sheet for the year ended 31/12/2019. Debit side OMR Credit side OMR Investment 406,980Share capital 400,000 Freehold premises 14,428 306,412Claims admitted but not paid Leasehold 12,604Creditors 44,962 Agent's balance 46,212Due to reinsurers 6,614 Sundry debtors 17,918interest and dividend 19,512 4,513Other receipts 807 Income tax on interest and dividend Claims paid and outstanding 363,924Premium received 1,216.378 238,730 97,778 Expenses of management Commission Interest accrued 919 Office furniture 14,761 Preliminary expenses 90,212 Cash and bank balance 101,738 Total 1,702,701 Total 1,702,701

From the following particulars of Zenith Insurance company prepare the revenue account and the balance sheet for the year ended 31/12/2019. Debit side OMR Credit side OMR Investment 406,980Share capital 400,000 Freehold premises 14,428 306,412Claims admitted but not paid Leasehold 12,604Creditors 44,962 Agent's balance 46,212Due to reinsurers 6,614 Sundry debtors 17,918interest and dividend 19,512 4,513Other receipts 807 Income tax on interest and dividend Claims paid and outstanding 363,924Premium received 1,216.378 238,730 97,778 Expenses of management Commission Interest accrued 919 Office furniture 14,761 Preliminary expenses 90,212 Cash and bank balance 101,738 Total 1,702,701 Total 1,702,701

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter4: Completing The Accounting Cycle

Section: Chapter Questions

Problem 6E

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