Insurance Premium Comes Under Which Account In Final Accounts – From the following tests of Nutan India Insurance with Ltd on March 31, 2009, prepare your final accounts. Additional Information (i) Excellent claims of 31-3-2009 were Fires-RS 50000
From the following tests of Nutan India Insurance Co. EPA On 31 “March 2009, prepare your final accounts. Additional information: (i) Awaiting claims 31-3-2009 was: [ Text 50, 000 TEXT $ 0, 000. It will increase a $ 5 % $ of Net Prima.
Insurance Premium Comes Under Which Account In Final Accounts
A test balance is a report used in accounting that proves the balances of all general registration accounts at a specific time. Debit balances should always match the credit balances.
What Do You Mean By The Term
To prepare the final accounts for Nutan India Insurance Co. EPA As of March 31, 2009, we will follow these steps:
Note: Specific tested balance numeric values are required to provide expensive information to the final accounts. Provide these values for a complete solution.
This is a simplified version based on supposed prices. To obtain accurate final accounts, provide the actual items in the test balance.
To prepare the final accounts for Nutan India Insurance Co. EPA As of March 31, 2009, we will follow a systematic approach. We will create the account and the balance of profits and losses based on the other testing and additional information.
How Do You Account For Insurance In Accounting?
Assuming we have the following basic elements of the test balance (since they are not provided, we will use position indicators):
The final accounts will consist of a benefit and loss account showing net profit and a balance showing the financial position of Nutan India Insurance Co. EPA By 31 March 2009. The specific items will depend on the actual values of the essay equilibrium. Provides test balance for accurate calculations.
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Post your question about homework or upload a picture to get help from the best AI models and millions of students. Inincome TW VC, as a market committee, will appear on the debit side of the trading account. 0.19. From the rest of the Tonw they prepare the final accounts until March 31, 2017: 1, 100 3, 000 7, 500 800 500 30, 000 16, 100 Special Reserve 1-4-2016 Sales buy yields on loose returns CR. Salaries Fixed deposit with the National Bank of Punjab in Cash with Motor Vehicles Erchold Partresses 23, 500 trucks in 46, 800 goods 1, 30, 000 rental (Factory 1/3, Office 2/3) 27, 000 legal expenses 5, 800 Different Proofs 1, 200 different debtors 6, 600 different creditors 2, 800 donation 7, 200 Bad-Debts 5, 000 Bad-Debts Retrieved 2, 100 Bank Fees 9, 600 loan for mortgages 10, 000 1, 300 600 4 , 750 4, 000 2, 800 20, 000 2, 400 50, 000 Chapter 60, 000 1, 37, 450 6, 000 EU Life Insurances of Closing Action was 36, 500 on 31 March 2017. Gross benefit 61,800 ; Pure benefit 32, 450; Total Balance 2, 00, 000.1
P1 of the following balances prepare the final accounts on March 31, 2017: 000 rent (1/3 factory, office 2/3) 7, 500 productive expenses 27, 000 legal costs 800 non -productive expenses 5, 800 various revenue 500 commercial costs 1 , 200 charges Different 30, 000 yields in 6, 600 different creditors 16 16, 100 refunds 2, 800 donation 600 loose tools 7, 200 bad-debts 4, 750 brands 5, 000 bad-debts recovered 4, 000 discount cr. 2, 100 bank charges 2, 800 wages 9, 600 mortgage loan 20, 000 fixed deposit with National Bank Punjab 10, 000 interest for loan 2, 400 cash on hand 1, 300 car vehicles 50, 000 lease land 60, 000 capital 1 37, 450 Premium Life Insurance 6, 000 The value of the stock was 36, 500 on March 31, 2017. 64, 000 various creditors 12, 000 manufacturing costs 8, 000 life insurance 12, 12, 000 commercial expenses 7,000 purchases 1, 05, 000 bad charges 2, 000 wages 50, 000 cars 1, 500 banks 10, 000 accounts to pay 7,000 repairs 500 returns to 4,000 shares (April 1, 2017) 20, 20, 20, 20,000 stocks of closing on March 31, 2018 was estimated at 14 euros, 500. The Q3 solution below shows M/ s Shetty Traders. Balance on that date. Trial oscillation from March 31, 2011 Debit amounts of specific Rs Rs Rs Land and Buildings 50, 000 machines 40, 000 wages 21, 000 cash in the bank 50,000 cash on hand 1, 100 office costs 1, 000 van 18, 000 capital 1, 70, 70 , 000 cars 5, 000 purchases and sales 2, 20, 000 2, 88, 000 refunds 2, 000 5, 500 debts 1, 000 debtors and various creditors 32, 800 35, 000 rent 1, 100 print and stationery 1, 500 Accounts to pay 32, 000 R.D.D. 1, 000 travel costs 5, 500 openings 30, 000 insurance 1, 500 discount 6, 000 advertising 14, 000 furniture 30, 000 Total 5, 31, 500 5, 31, 500 Setting: 1) The stock of closing Rs 41 Rs 41, 000. 3) goods Rs 1, 000 were distributed as a free sample. 4) The debtors Rs 800 were bad and provide R.D.D. 5% to debtors and make creditors discount at 2%. 5) Machinery is underestimated by 10% P.A. and the construction of 5% P.A. See Solutionq4 Prepare the negotiation and loss of benefits and the loss of M/s sports equipment for the financial year ending March 31, 2017 and the balance as this date: billing amount Title Rs Percentage Opening and Sales 3, 50, 000 4 , 21, 000 refunds 5, 000 chapter 3, 00, 000 committee 4, 000 creditors 1, 00, 000 Banco 28, 000 cash in hand 32, 000 furniture 1, 28, 000 debtors 1, 40, 000 plants 60, 000 cars in purchases 12, 000 wages 8, 000 rent 15, 000 debt 7, 000 plans 24, 000 stripes 6, 000 travel costs 2, 000 insurance 7, 000 discounts 5, 000 deskes expense 2, 000 000 stock closure of March 31, 2017 Rs 2, 500 See Solutionq5 of the next Shubho test balance, prepares final accounts for the year expiring March 31, 2019 and the rest like that date: especially Dr. Balances (₹) cr. Balls (₹) Land and Construction 50, 000 Purchase (Colored) 2, 10, Stock (31 March 2019) 45, 000 Get International 1, 500 Returns 2, 500 Wages 45, 300 Salaries 39, 000 Office Costs 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15, 400 inner car 1, 200 trolleys from 2, 000 discount allowed 750 discounts receiving 1, 200 debt 1, 200 sales 3, 85, 000 capital account 1, 15, 000 000 loan of Chatterji In/ C (obtained on October 1, 2018 @ 18% P.A. Groups 12, 000 invoices to pay 12, 350 costs to pay 3, 300 in total, 70, 850 5, 70, 850 The following adjustments must take care of:
(i) underestimate the land and building @ 6%, factories and machinery @ 10%, office equipment @ 20%and furniture and accessories @ 15%. (ii) Calculate the 2% dubious debt offer to different debtors. (iii) the premium includes
