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Why looks like the timeline has hide/lost frames sometimes? My screen capture shows three points from same timeline.
At first (top side) there was 00;00;59;29. Next frame (middle) has time 00;00;01;02 and last one (bottom) has time 00;00;01;03
So I think that frames 00;00;01;00 and 00;00;01;01 are missing.
Windows 7 PRO + Premiere Elements 14
Have I done something wrong with settings or elsewhere?
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This article explains the issue: Choosing the Timecode Display Format | Working with the Timeline in Adobe Premiere Pro CC | Peachpit
It has to do with typical cameras taking video at 29.97 frames per second, not 30. So in order to compensate for the time difference, "drop-frame timecode skips ahead two frames every minute except for every tenth minute."
You can choose the display setting in Edit->Project Settings->General->Display Format, change to Non-Drop-Frame Timecode to see all frames.