Accounts of insurance companies download preview. Under the previous law separate revenue account had to be prepared for each type of business fire marine accident etc.
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The following accounts were used to be prepared in the case of general insurance companies.
Insurance company accounts. The following accounts were used to be prepared in the case of general insurance companies. The accounts of the general insurance companies were maintained according to the provisions of insurance act 1938. On 29 july 2011.
A separate revenue account is prepared for each type of business. Accounts of insurance companies are divided into two heads such as final accounts of life insurance and final accounts of general insurance. Download other files in accounts category.
The general insurance corporation of india is the apex general insurance institution of india. Chart of accounts an account is a tool that a company uses to record group and summarize similar type of business transactions which typically involve assets liabilities owner sfinancial accounting in insurance companies equity revenues and expenses. Both the business accounts contain revenue account profit loss accounts and balance sheet in common.
The general account is where insurance companies place their collected premiums. General insurance contract are generally made for one year or 12 months. Other files by the user.
The accounts of the general insurance companies were maintained according to the provisions of insurance act 1938. The final accounts of general insurance companies include revenue account profit and loss account and balance sheet. Revenue account profit and loss account and balance sheet according to the insurance regulatory and development authority preparation of financial statements and auditors report of insurance companies regulations 2002.
Features of general insurance. Accounts of insurance companies doc submitted by. 1801 times file size.
The insurance companies are required to prepare their financial statements i. The account is treated as an investable asset and is allocated accordingly. Under the previous law separate revenue account had to be prepared for each type of business fire marine accident etc.
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