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What is apprentice premium in accounting


Answer: The apprentice premium relates to any amount earned by the company or management to provide the apprentice with training to teach them any additional skilled or unskilled work throughout their apprenticeship time.

Is Apprentice premium a direct expense?

Apprenticeship premium received is an indirect income of the business to train someone. Indirect income is the income received from other sources apart from the main purpose of the business and is thus credited to the profit and loss account.

What is apprentice premium carried forward?

Apprentice Premium of Rs. 120 is to be carried forward. It means that out of the total income of RS. 730 received as Apprentice Premium, Rs. 120 relate to 1987.

Where is insurance premium recorded in final accounts?

Insurance Expense\n\n The adjustment is done through an adjustment entry at the end of the accounting period. Adjustment entry helps ensure that proper insurance expense for the accounting period gets recorded in the profit and loss account.

What is the treatment of life insurance premium in final account?

Answer: Life insurance premium is treated as drawings of the proprietor and is added up in drawings and deducted from capital in the balance sheet.




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