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

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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.

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State true or false:

1) A Trial balance is an account.
2) A Trial balance is helpful for preparation of final accounts.
3) A Trial balance is most important document.
4) A Trial balance may be prepared on any date.
5) In Trial balance opening stock is recorded in credit balance column.
6) Both sides total of an account are taken in Gross Trial Balance.
7) Purchase account always shows debit balance.
8) A Trial balance is a List of Ledger balances.
9) A Trial balance does not ensure accounting accuracy.
10) A Trial balance shows only arithmetical accuracy.

Q. The following is the Trial Balance prepared by an inexperienced accountant. Redraft it in a correct form and give necessary notes : −

TRIAL BALANCE
for the year ending 31st March, 2017

Particulars	Amount	Particulars	Amount
	₹		₹
Cash in Hand	5,200	Bank Overdraft	16,400
Plant & Machinery	75,000	Capital	50,000
Typewriter	6,400	Goodwill	8,000
Stock (1-4-2016)	13,100	Sundry Creditors	8,200
Purchases	84,100	Sales	1,60,000
Carriage Inwards	2,800	Return Inwards	2,400
Carriage Outwards	1,600	Drawings	2,120
Sundry Debtors	18,300	Investments	4,000
Bills Payable	12,000
Rent Paid	9,600
Wages	16,500
Advertisement	4,500
Discount Received	3,200
	2,52,300		2,51,120

if given apprentice premium (given for work in factory ),is given in trial blance ,then where to include it and why

how would adjusted purchases appear in the sums if its given in trial balance.if also opening stock is given in the same trial balance should we account for it ,y?

Q. If there is an error in trial balance which is not affecting its total, will it affect any accounting procedure?

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