wiz-icon
MyQuestionIcon
MyQuestionIcon
2
You visited us 2 times! Enjoying our articles? Unlock Full Access!
Question

What is apprentice premium in which account we show it if it is given in trial balance?


Open in App
Solution

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. These forms of profits are the organization’s indirect income, so it is added to the profit and loss account when making account balances and is reported on the credit side under the head indirect income balance while processing the trial balance.


flag
Suggest Corrections
thumbs-up
18
similar_icon
Similar questions
View More
Join BYJU'S Learning Program
similar_icon
Related Videos
thumbnail
lock
Financial Statements
ACCOUNTANCY
Watch in App
Join BYJU'S Learning Program
CrossIcon