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Royalty Agreement Accounting Quiz
3 Questions
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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)

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