Question

From the following information, calculate the amount of premium to be credited to Revenue Account:                          &

From the following information, calculate the amount of premium to be credited to Revenue Account:                                                                                  OMR
Premium received during the year 7,000,000
Outstanding premium end of the year 700,000
Premium received in advance on end of the year 900,000
Re-insurance accepted 300,000
Re-insurance ceded 500,000

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Answer #1
Premium Received during the year $7,000,000
Add: Outstanding premium end of the year $700,000
Add: Re-insurance accepted $300,000
Less: Premium received in advance on end of the year ($900,000)
Less: Reinsurance ceded ($500,000)
Premium to be credited to Revenue Account $6,600,000

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