Saudi Electronic University Insurance Accounting Questions


Can you succor me recognize this Accounting doubt?

Q1. The forthcoming financial transactions are allied after a while a General Takaful Product:

i.An sum of SAR 6,200 accepted as past subscription from new participants.

ii.An sum of SAR 4,500 accepted as a subscription from new participants.

iii.Contribution possession accepted from participants SAR 5,500.

You are required to adapt needful chronicle entries.(1.5 Marks)

Answer:

Q2. Discuss the three original methods used by Guaranty Fund to assess resources and burden security using your own vote.(2 Marks)

Answer:

Q3. XYZ Company has the forthcoming financial data:(1.5 marks)

Particulars

Amounts (SAR)

Total Profit for the Year

377,500

General Takaful Assets (Year 2014)

1,390,000

General Takaful Assets (Year 2015)

1,517,500

Cash

11,500

Short-order Investment

23,500

Short order liabilities

85,000

Underwriting Surplus Distributable to Participants/Participants' Share of Profit

145,500

Gross Contribution

958,000

Net Contribution

662,500

Wakalah Fee

77,500

Commission Paid

28,300

Management Expense

58,000

Net Claim Incurred

287,500

Earned Contribution

632,500

You are required to calculate:

  • Return on Assets
  • Quick Liquidity
  • Surplus Distribution Ratio
  • Expense Ratio
  • Claims Ratio