Great Insurance Co. Ltd. on 31.12.2022 had reserve for unexpired risk of 5 crores in respect of miscellaneous business. During 2023, the premium collected in respect of policies issued 9 crores. Pass journal entry.
Unexpired Risks Reserve A/c Dr. 0.50 To Miscellaneous Revenue A/c 0.50 According to the requirements of the Insurance Act, it is sufficient if the provision is made for unexpired risks at: 50 per cent for Fire, Marine Cargo and Miscellaneous business; 0.50 crore being the excess of opening balance of 5 crores over the required closing balance of 4.5 crores [(12 + 4 – 7) * 50%] credited to miscellaneous revenue account).
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