Question
The following figures related to the rent and rates
payable expense for a business in 2020-2021. Which is the correct figure for rent and rate expense in the profit and loss account for the year ended 31 March 2021? Rent paid in advance at 1 April 2020 Rs.5000 Rates in arreas at 1 April 2020 Rs.2000 Payments in 2020-21 Rs.35000 Prepaid rent at 31 March 2021 Rs.4000 Rent in arrears at 31 March 2021 Rs.6000Solution
Rent and rate expense in the profit and loss account = Payments + Rent paid in advance on 1 April 2020 – Rent prepaid on 31 March 2021 – Arrears on 1 April 2020 + Arrears on 31 March 2021 = 35000 +5000 -4000 -2000 +6000 = Rs.40000
In Insurance, CGL stands for?
A policy that covers financial losses due to delays in project completion caused by accidental damage is:
General Insurance Business (Nationalisation) Amendment Act 2002 (40 of 2002) coming into force from?
A method of permitting the final premium for a risk to be adjusted, subject to an agreed-upon maximum and minimum limit based on actual loss experience ...
A single insurance policy that combines several coverage previously sold separately is termed as?
Which of the following person is basically the representative of the customer and can sell the policies of more than one insurer?
The Indian insurance industry is governed by which of the following act ?
Which act was the first legislation governing all forms of insurance to provide strict state control over insurance business?
What are moral hazards in underwriting?
The ownership of the four erstwhile subsidiary companies and also of the General Insurance Corporation of India was vested with?