Question
Indian Insurance Co. Ltd. on 31.12.20X1 had reserve for
unexpired risk of 20 crores in respect of fire insurance business. During 20X2, the premium collected in respect of policies issued 43.70 crores. Pass journal entry.Solution
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; 1.85 crore being the difference between closing provision of 21.85 crores [(43 + 5 – 4.3) * 50%] and opening provision of 20 crores charged to fire revenue account.
In the following question below are given some statements followed by some conclusions based on those statements. Taking the given statements to be tru...
Statement :Â Â Â Â Â Â Â
All flowers are thorns.
Some flowers are leaves.
Conclusion:
I. No leaf is a thorn.
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Only a few Airtel are ideas
Some ideas are not vodafone
No vodafone are JIO
Only a few JIO are BSNL
Co...
Statements:
Some pen are pencil
No pencil is a mobile
All mobile are laptop
Conclusion:
I. All pen can never be mobile
II. Some laptop can be pen
In the question below there are three statements followed by three conclusions I, II and III. You have to take the four given statements to be true eve...
In the questions given below, there are three statements followed by three conclusions I, II and III. You have to take the three given statements to be...
Statements:
Only Lift are Stair.
All Ladder are Lift.
No Lift is a Step.
Conclusions:
I. Some Ladder being Stair is n...
Statements:
Each car is bus.
Only few bus are train.
No bus is cycle.
Conclusions:
I. At least some car are train.
Statement:
Only tiger are lion.
No lion is elephant.
Only zebras are elephant.
Conclusion:
1. No elephant is tige...
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