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
Expenses of management 19,890
Consideration for annuities granted 10,620
Interest, dividends, and rent 52,461
Income tax on these (paid) 3,060
Bonus paid in cash 9,450
Bonus utilised in reduction of
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 â€“ Sh10,000
Further claims intimated â€“ Sh8,000
Further bonus utilised in reduction of premium â€“ Sh1,500
Interest accrued â€“ Sh15,400
Premiums outstanding â€“ Sh7,400
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