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).
In a group of students, the number of girls is three-fourth of the number of boys. If two-third of the number of girls and one-half of the number of boy...
Chief Minister of Madhya Pradesh
The Indian classical dance form that belongs to the famous Lucknow Gharana is:
Which of the following company recently launched Vikram-1 satellite?
Which of the following factors is NOT considered a major challenge for the Indian economy in achieving sustained high economic growth?
Which Amendment to the Constitution Act led to establishment of National Judicial Appointments Commission in India?
In which of the following organizations, the Government of India holds less than 90 % shares?
Which payment companies have received final approval from the Reserve Bank of India (RBI) to operate as payment aggregators, enabling the fintechs to on...
What does ‘P’ denote in PRAN a unique number provided under PFRDA?
Name the Punjabi Muslim, who was a student at Cambridge and who coined the term 'Pak-Stan" in 1933?