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Questions and Answers
What is the minimum rent per month as per the agreement?
What is the minimum rent per month as per the agreement?
- Rs 5,00,000 (correct)
- Rs 100
- Rs 4000
- Rs 6000
In which year did the actual royalty amount exceed the minimum rent?
In which year did the actual royalty amount exceed the minimum rent?
- 2018
- 2017
- Royalty never exceeded the minimum rent
- 2019 (correct)
What are the accounting entries in the books of Lessee in Case II (when minimum rent equals actual royalty amount)?
What are the accounting entries in the books of Lessee in Case II (when minimum rent equals actual royalty amount)?
- Dr. Royalty Control Account, Cr. Minimum Rent Account
- Dr. Royalty Account, Cr. Royalty Control Account
- Dr. Minimum Rent Account, Cr. Royalty Control Account
- Dr. Royalty Control Account, Cr. Royalty Account (correct)
