what is apprentice premium in which account we show it if it is given in trial balance
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Answered by
138
It is an income that is received for providing training to someone.
It will be recorded on the credit side of profit n loss account.
It will be recorded on the credit side of profit n loss account.
Answered by
53
The apprentice premium refers any amount received by the organization or management for giving training to its apprentice for making him/her learn any new skilled or unskilled work during his/her apprenticeship period
These types of income are indirect income for the organization, therefore, while making accounting entries it is transferred to profit and loss account and while preparing trial balance, it is posted in credit side under the head indirect income.
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