Format of Revenue Accounts

FORM B
Revenue Account for the year ended 31st March 20----
(to be prepared seperately for fire,marine and miscellaneous insurance)
Particulars schedule Current year previous year.
Premium earned (Net) 1 x x
changes in provision for unexpired risk x x
interest, dividend and rent (Gross) x x
others x x

Total A xx xx

claims incurred (Net) 2 x x

commission 3 x x
operating expenses related to insurance business 4 x x
others x x

Total B xx xx
Operating profit/(Loss) (A-B) xx xx

Schedule format

Schedule 1 Premium earned(Net)

Particulars Current year Previous year
Premium from Direct business
Add: premium on Re-insurance accepted
Less: premium on Re-insurance ceded
Net premium
Adjustment for change in unearned premium
Adjustment for changes in premium received in advance.
Total premium earned (Net)
Premium Income from business effected:
In India
Outside india
Total premium earned (Net)
 Schedule 2 claim incurred (Net)
Particulars Current year Previous year
Claim paid
Direct Business
Add: Re-insurance accepted
Less:Re-insurance ceded
Net claim paid
Total claims incurred
Claim paid to claimants
In India
Outside india
Total claims incurred

Schedule 3 Commission
Particulars Current year Previous year
Commission paid
Direct
Add:Commission on Re-insurance accepted
Less:Re-insurance ceded
Net commission paid

Schedule 4 Operating Expenses related to business

Particulars Current year Previous year
Employee remuneration & welfare expenses
Managerial remuneration
Travel , conveyance & vehicels running expenses
rents, rates and taxes
repairs
printing and stationary
communication expenses
legal & professional charges
Medical fees
Auditor fees, expenses etc
a)as auditor
b)as advisor or in any other capacity, in respect of
i)taxation matters
ii)insurance matters
iii)management services
c)in any other capacity
Advertisment and publicity
interest and bank charges
others
Depreciation
Total
 Profit and loss account format
Form B
profit and lossa account for the year ended 21st March 20…..

Particulars Current year previous year.

1 Operating profit/(loss)
a)Fire insurance
b)Marine insurance
c)Miscellaneous insruance
2 Income from investments
a)Interest and dividends and rent (gross)
b)Profit on sale of investment
3 other income (to be sepcified)

Total A

4 Provisions (to be specified)

a)For diminution in value of investments
b)others (to be specified)

5 other expenses
a)Expenses other than those related to insurance business
b)Others to be specifed

Total B

profit befor tax(A-B)

less: Provision for tax
Profit after tax

profit available for appropriation

Less: Appropriations
a)interim dividend
b)Proposed dividend
c)Dividend distribution tax
d)Transfer to any reserve or other accounts(to be specified)
Net profit/loss for the current year
Balance of profit/loss brought forwared from last year
Balance carried forward to Balance sheet.
 Profit and loss account format
Form B
profit and lossa account for the year ended 21st March 20…..

Particulars Current year previous year.

1 Operating profit/(loss)
a)Fire insurance
b)Marine insurance
c)Miscellaneous insruance
2 Income from investments
a)Interest and dividends and rent (gross)
b)Profit on sale of investment
3 other income (to be sepcified)

Total A

4 Provisions (to be specified)

a)For diminution in value of investments
b)others (to be specified)

5 other expenses
a)Expenses other than those related to insurance business
b)Others to be specifed

Total B

profit befor tax(A-B)

less: Provision for tax
Profit after tax

profit available for appropriation

Less: Appropriations
a)interim dividend
b)Proposed dividend
c)Dividend distribution tax
d)Transfer to any reserve or other accounts(to be specified)
Net profit/loss for the current year
Balance of profit/loss brought forwared from last year
Balance carried forward to Balance sheet.