Legal expenses in respect of claims of an insurance company is shown in _________.

P&L a/c

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Revenue a/c

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Balance sheet

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Surplus a/c

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Solution

The correct option is C Revenue a/c
Revenue Account is prepared under Mercantile System of Accounting.
Items appearing in Revenue Account: Premiums: General insurance policies are issued for a short period, say, for a year.

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Legal expenses in respect of claims of an insurance company is shown in _________.

The correct option is C Revenue a/cRevenue Account is prepared under Mercantile System of Accounting. Items appearing in Revenue Account: Premiums: General insurance policies are issued for a short period, say, for a year.

The correct option is C Revenue a/c
Revenue Account is prepared under Mercantile System of Accounting.
Items appearing in Revenue Account: Premiums: General insurance policies are issued for a short period, say, for a year.