Where can we use apprentice premium in value added statement ?
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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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