Question

apprentice premium of rupees 40 was to be carried forward

Answer 1

Answer:

1.) Less from apprentice premium as 'Prereceived premium'.

2.) Add to Liabilities, 'Prereceived apprentice premium'.

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Answer 2

Treatment of apprentice premium as adjustment..

Explanation:

• less in credit side of profit and loss account as unexpired apprentice premium

• in balance sheet as apprentice premium on asset side

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