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Royalty Agreement Accounting Quiz

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Questions and Answers

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?

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)?

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)

Royalty Agreement Accounting Quiz

Choose a study mode

Podcast

Questions and Answers

What is the minimum rent per month as per the agreement?

In which year did the actual royalty amount exceed the minimum rent?

What are the accounting entries in the books of Lessee in Case II (when minimum rent equals actual royalty amount)?

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