Question

write where each of the following is kept 1.arms 2.provisions​

Answer 1

Answer:

Premium paid on the life policy of the proprietor should not be debited to insurance premium account. Premium paid on life policy of proprietor is not an expense in the normal course of business. It is an expense of personal nature any any expense for personal purpose is debited to drawings A/c.

Answer 2

Answer:

1. Arms - An arsenal is a place where arms and ammunition are made, maintained and repaired, stored, or issued, in any combination, whether privately or publicly owned.

2. Provisions- provision is a liability of uncertain timing and amount. Provisions are listed on a company's balance sheet. These statements are key to both financial modeling and accounting under the liabilities section.

Explanation:

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