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(Section 11) Form A: Form of Balance Sheet Amount Particulars Particulars TK Shareholders capital Loans (each class to be stated separately) Authorized: On mortgages of property within shares of [Taka]..each [Taka] [Bangladesh] Subscribed: On mortgages of property outside shares of [Taka]..each [Taka] [Bangladesh] Called up: On Insurers Policies within their shares of [Taka]..each [Taka] surrender value less: Unpaid calls *** Reserve or contingency Accounts Investments Investment Reserved Account *** Deposits with the Bangladesh bank Profit and Loss Appropriation Foreign Government Securities Account Balance *** Balances of Funds and Accounts Bonds, Debentures, Stocks and Life Insurance Fund *** other Securities whereon Interest is Fire Insurance Business Account *** guaranteed by the Government Marine Insurance Business Other Debentures and Debenture Account *** Stock of Companies incorporated (i) Miscellaneous Insurance Business in Bangladesh (ii) out of Account *** Bangladesh Other accounts, if any (to be Other guaranteed and Preference specified) *** Stocks and Shares of Companies incorporated (i) in Bangladesh (ii) out of Bangladesh Pension or Superannuation Freehold and Leasehold ground Accounts *** rents and rent charges Debenture Stock percent *** Agent Balances Loans and Advances *** Outstanding Premiums Bills payable *** Interests, Dividends and Rents Outstanding Estimated Liability in respect of Interests, Dividends and Rents outstanding claims, whether due or accruing but not due intimated *** Amounts due from other persons or Annuities due and unpaid *** Bodies carrying on Insurance Outstanding dividends *** Business Amounts due to other persons or Sundry Debtors Bodies carrying on Insurance Bills Receivable Business *** Cash At Bankers on Deposit Account Other sums owing by the insurer *** At Bankers on Current Account and Contingent Liabilities (to be in hand specified) *** At Call and Short Notes Other Accounts (to be specified) Total *** Total Amount TK
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The Third Schedule (Section 11) Form-D: Form of Revenue Account applicable to Life Insurance Business Amount Particulars Particulars TK Claims under policies (including Balances of fund at the beginning of provision for claims due or the year Premiums intimated) Less: Reinsurances Less: Reinsurances Consideration for Annuities granted By death [Taka] Less: Reinsurances By maturity [Taka] *** Annuities less Reinsurances *** Interest, Dividends and Rents [Taka] Less: Income Tax thereon [Taka] Surrenders (including Surrenders Registration Fees of Bonus) less reinsurances *** Bonuses in cash less reinsurances *** Other Income (to be specified) Bonuses in reduction of premiums Loss transferred to Profit and less reinsurances *** Loss Account Expenses of management Transferred from Appropriation Account 1. (a) commissions to insurance agents (less that on reinsurances) *** (b) Allowances and Commissions other than commission included in sub-item (a) *** 2. Salaries etc: (other than to agents and those contained *** in item no. 1) 3. Traveling expenses *** 4. Directors fees *** 5. Auditors fees *** 6. Medical Fees *** 7. Law charges *** 8. Advertisements *** 9. Printing and Stationary *** 10. Other expenses of management (accounts to *** be specified) 11. Rents for offices belonging to and occupied by the *** insurer 12. Rents of other offices *** occupied by the insurer 13. Bad debts *** 14. Other Expenditure (to be specified) *** Profit transferred to Profit and Loss Account *** Balance of Fund at the end on the year as shown in the Balance Sheet ***
Total
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Total
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Amount TK
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Solution: Delta Life Insurance Company Limited Revenue Account (Form D) For the year ended on 31st December, 2005
Particulars Claims under policies (including provisions for claims due or intimated less reinsurances) By Death $4,00,000 By Maturity $5,00,000 Annuities less reinsurances Surrenders less reinsurances Bonus to Policyholders Expenses of Management Commission to Insurance Agents Salaries Directors Fees Law Charges Rent Other Expenses Auditors Fees Balance of Life Insurance Fund at the end of the year as shown in the Balance Sheet Total Amt ($) Particulars Balance of Life Insurance Fund at the beginning of the year Premiums less reinsurance Consideration for Annuities Granted less reinsurance Interest, dividends & Rents $360000 Less: Income Tax thereon 60000 Amt ($) 30,00,000 7,00,000 40,000 3,00,000
9,00,000 20,000 69,000 30,000 60,000 50,000 6,000 2,000 4,000 1,500 8,000 28,89,500 40,40,000
Total
40,40,000
Delta Life Insurance Company Limited Balance Sheet (Form A) December 31, 2005
Liabilities Shareholders capital Authorized: shares of [Taka]each [Taka] Subscribed: shares of [Taka]each[Taka] Called up: ..shares of [Taka]...each [Taka]
Amt ($) Assets Loans On Mortgage of Property in Bangladesh On Insurers Policies Investments: 50,00,00 Deposits with Bangladesh Bank 0 Bangladesh Govt. Securities State Govt. Securities Foreign Govt. Securities Securities on which interest is 6,65,000 guaranteed by the Govt. Leasehold Ground Rent Agents Balances 28,89,50 Outstanding Premium 0 Interest, Dividends & Rents 49,000 Outstanding Interest, Dividends & Rents accruing but not Due 4,000 Amounts due from other persons or Bodies carrying on Insurance Business Cash: At Bankers on Deposit Account At Bankers on Current Account In Hand Furniture and Fittings 86,07,50 Total 0
Amt ($) 16,36,00 0 6,70,000 3,00,000 32,50,00 0 8,88,000 1,87,000 13,50,00 0 58,000 20,000 68,000 15,000 30,000 39,000 16,000 30,000 10,500 40,000 86,07,50 0
Reserve or Contingency Accounts: Reserve Fund Balances of Funds and Accounts: Life Insurance Fund Amounts due to other persons or Bodies carrying on Insurance Business Sundry Creditors
Total
Exercises: 1. The following balances appeared in the books of the Jiban Bima Corporation as at December 31st 2005.
Debit Claims less reinsurances: By Death By Maturity Annuities Furniture and Old Equipment at cost Printed Stationary Cash with Banks on Current Account Cash and Stamps in Hand Taka 22,00,000 15,00,000 6,000 2,50,000 77,000 13,50,000 30,000
Surrenders less reinsurances Commission Expenses of Management Sundry Deposits with Electricity Companies, etc. Advance Payment of Income Tax Sundry Debtors Agents Balances Income tax Income tax on Interest, Dividends and Rents Loans on Mortgages Loans on Policies Investments (Tk 2,50,000 deposited with the Bangladesh Bank) House Property at Cost (including Tk 35,000 added during the year) Total Credit Life Insurance Fund at the beginning of the Year Premiums less Reinsurances Claims less reinsurances outstanding at the beginning of the year: By Death By Maturity Credit Balances pending adjustment Consideration for Annuities Granted Interest, Dividends, and Rents Registration and other Fees Sundry Deposits Provision for Taxation Premium Deposits Sundry Creditors Contingency Reserve Accumulated Depreciation-Furniture & Office Equipment Accumulated Depreciation-Building Total
40,000 2,50,500 31,00,000 500 50,000 50,000 1,00,000 4,50,000 5,00,000 1,50,000 32,50,000 5,20,00,000 54,00,000 7,07,54,000 5,00,00,000 1,50,00,000 9,00,000 6,00,000 60,000 2,000 18,00,000 2,000 1,00,000 3,00,000 11,50,000 3,50,000 1,50,000 40,000 3,00,000 7,07,54,000
From the forgoing balances and the additional information as given below, prepare the Balance Sheet as at 31st December, 2005 and Revenue Account for the year ended on that date: (a) Claims less reinsurance outstanding at the end of the year: By death, tk 6,00,000; By maturity, tk 4,00,000. (b) Expenses Outstanding tk 60,000 and prepaid tk 15,000. (c) Provide tk 45,000 for depreciation of Buildings, tk 15,000 for depreciation of furniture and office equipment and tk 1,10,000 for taxation. (d) Premium Outstanding tk 20,28,000 and commission thereon tk 65,000. (e) Interest, dividends, rents outstanding (net) tk 30,000 & interest and rents accruing (net) tk 3,50,000. (f) The corporation holds tk 1,20,000 government securities (not included in the above balances) deposited by chief agents as security. (g) Interim bonus paid during the year was tk 15,000.
Jibon Bima Corporation Revenue Account (Form D) For the year ending 31st December, 2005 Amount ($) Claims under policies: Balance of Life Insurance Fund (including provisions for claims due at the Beginning of the Year or intimated less reinsurances) Premiums less reinsurances By Death $19,00,000 Consideration for annuities granted By Maturity $13,00,000 32,00,000 Interest, dividends and rents Annuities less reinsurances 6,000 (less: income tax thereon) Surrenders less reinsurances 40,000 Registration and other Fees Bonuses to Policyholders 15,000 Expenses of Management: Commission to Insurance Agents 2,50,500 Expenses of Management 31,45,000 Income Tax 5,60,000 Depreciation 60,000 Balance of Life Insurance Fund at the end of the year as shown in the Balance Sheet 6,13,70,500 Total 6,86,47,000 Total Jibon Bima Corporation Balance Sheet (Form A) As at December 31, 2005 Liabilities Amount ($) Assets Shareholders capital Loans: Authorized: On Mortgage shares of [Taka]each [Taka] On Insurers Policies Subscribed: Investments: shares of [Taka]each [Taka] Deposits with Bangladesh Bank Called up: Other Investment shares of [Taka]... each [Taka] nil Advance Payment of Income Tax Reserve or Contingency Accounts: Sundry Debtors Contingency Reserve 1,50,000 Agents Balances Balances of Funds and Accounts: Expenses Prepaid Life Insurance Fund 6,13,70,500 Premium Outstanding Depreciation Fund Account Interest, Dividends & Rents Furniture and Office Equipment 55,000 Outstanding Depreciation FundAccount - Building 3,45,000 Printed Stationery Credit Balances Pending Adjustment 60,000 Interest, Dividends & Rents Sundry Deposits 1,00,000 accruing but not Due Provision for Taxation 4,10,000 Sundry Deposits with Electricity Premium Deposits 11,50,000 Companies, etc. Sundry Creditors 3,50,000 Cash: Claims less reinsurances outstanding 10,00,000 At Bankers on Current Account Expenses Outstanding 60,000 In Hand Amounts due to other persons or Furniture and Office Equipment Bodies carrying on Insurance House Property
6,86,47,000
Amount ($) 1,50,000 32,50,000 2,50,000 5,17,50,000 50,000 50,000 1,00,000 15,000 20,28,000 30,000 77,000 3,50,000 500 13,50,000 30,000 2,50,000 54,00,000
Total Assets
6,51,30,500