INSURANCE COMPANY

15. THE TRIAL BALANCEWAS EXTRACTED FROM THE BOOKS OF THE NEW BHARAT LIFE INSURANC
DR(RS.’000) CR(RS.’000)
PAID UP SHARE CAPITAL - 100000

LIFE INSURANCE FUND ON 1.4.05 - 2972300

DIVIDEND PAID 15000 -

BONUS TO POLICY HOLDER 31500 -

PREMIUM RECEVIED - 101500

CLAIM PAID 197000 -

COMMISSION PAID 9300 -

MANAGAMENT EXPENCES 32300 -

MORTAGE IN INDIA 492200 -

INTREST AND DIVIDEND RECEVIED - 172700

AGENT BALANCE 9300 -

FREE-HOLD PREMISES 40000 -

 INVESTMENT 2305000 -

LOAN ON COMPANY POLICIES 173600 -

CASH ON DEPOSIT 27000 -

CASH ON HAND 7300 -

SURRENDERS 7000 -

3346500 3346500

YOU ARE REQUIRED TO PREPARE THE COMPANY’S REVENUE ACCOUNT FOR THE YEAR ENDE
AS ON THAT DATE AFTER TAKING THE FOLLING MATTERS INTO CONSIDER
RS(’000)
1.CLIAMS ADMITTED BUT NOT PAID 9300

2.MANAGEMENT EXPENSES DUE 200

3.INTREST ACCURED 19300

4.PREMIUMS OUTSTANDING 12000

REVENUE ACCOUNT FOR THE YEAR AS ON 31ST MARCH

PARTICULARS SCHEDULE CURRENT YEAR
Premium earned-net 1 113500
a) premium
b)reinsurance ceded
c)reinsurance accepted

income from invesment

a) interes,dividend &rent-gross 172700
(+) accured 19300
b)profit on sales\redemption
of invesment
c)loss on sale\redemption of
invesment
d) transfer\gain on revaluvation\
change in fair value
e)other income
consideration for annuties granted

total(A) 305500
commission 2 9300
operating expence related to
insurance business 3 32500
provision fof doubtful debt
bad debts written off
provision for tax
provision(other than taxation)
a)for diminution
b)others

total(B) 41800
benefit paid(net) 4 213300
annuites paid 31500
change in valuation of liability in
respect of life policies
a)gross
b)amount ceded in reinsursnce
c)amount accepted in reinsurance

total© 244800
surplus(D)=(A)-(B)-© 18900

Appropriation
transfer to share holder's a/c 15000
transfer to other reserve
balance being funds for future appropriation 3900

TOTAL(D) 18900
SCHEDULE FORMING PART OF FINANCIAL STATEMENT

SCHEDULE1-PREMIUM
PARTICULARS CURRENT YEAR PREVIOUS YEAR
premium recived
first year premium 101500
renewal premium
single premium
add:outstanding at the end of the year 12000
total premium 113500
SCHEDULE2-COMMISSION EXPENCES
commission paid 9300
direct-first year premium
 -renewal premium
-single premium
add:commission on reinsursnce accepted
less:commission on reinsurance ceded

net commission 9300

SCHEDULE3-OPERATING EXPENCES RELATED TO INSURANCE BUSINESS
employees remuneration&welfare benefits 32300
add:outstanding 200
travel&vehicle expenses
training expenses
rents,rates,taxes
repairs
printing&stationery
communication expenses
legal&professional charge
medical fees
auditors fees
advertisement&publicity
interest&bank charges
others
depreciation

total 32500
SCHEDULE4-BENEFITS PAID
INSURANCE CLAIMS
claims paid 197000
a)claims by death
b)claims by maturity
c)annuites/pension payment
d)other benefits,specify 7000
(amount ceded in reinsurance)
a)claims by death
b)claims by maturity
c)annuites/pension payment
d)other benefits,specify
amount accepted in reinsurance
a)claims by death
b)claims by maturity
c)annuites/pension payment
d)other benefits,specify 9300
annuites
surrenders
bonus in redemption

total 213300

schedule 5-share capital

particulars current year previous year
authorised capital 100000

total 100000
schedule 8-ivestments-shareholders
particulars current year previous year
long-term investment
government securities 2305000
total 2305000

suhedule 9-loans
particulars current year previous year
security-wise classification
secured
(a)on mortage of property 492200
(b)loans against policies 173600

schhedule 10- fixed assets

particulars opening cost/gross block
additions
land-freehold

schedule 11 -cash and bank balances

particulars current year previous year
cash 7300
bank balance
deposit accounts 27000

total 34300

schedule12-advances and other assets

particulars current year previous year
other assets
income accured on investment 19300
outstanding premiun 12000
agent balance 9300

total 40600

schedule 13-current liabilities

particulars current year previous year
cliams outstanding
others
9300
200
total 9500

balance sheet
particulars schedule current year
sources of fund
share capital 5 100000

fund for future appropriation 2076200

total 3076200

application of funds
investment
shareholders 8 2305000
loan 9 665800
fixed assets 10 40000
cash and bank balance 11 34300
advances and other assets 12 40600
sub-total(A) 74900
current liabilities 13 -9500
sub-total(B) 65400

total 3076200
INSURANCE COMPANY
EW BHARAT LIFE INSURANCE COMPANY LTD AS ON 31.3.06
COUNT FOR THE YEAR ENDED 31.3.06 AND ITS BALANCE SHEET
G MATTERS INTO CONSIDERATION:

THE YEAR AS ON 31ST MARCH2006

PREVIOUS YEAR
AL STATEMENT

ENCES
O INSURANCE BUSINESS

D
cost/gross block depreciation net block
deduction closing upto last year on sales to date as at year end
previous year
49000

previous year