Question

1998
[12] The Bengal Coal Ltd. obtained from Bihar Colliery Co. a lease of some coal mine, on 1-1-95
on the terms of a royalty of 2 per ton with a minimum rent of 11,000 per year. In the
event of a strike if actual royalties are less than minimum rent, it will discharge all rental
obligations. The output of the first five years was as under:
Year
1995
1996
1997
1999
Output (tons)
3500
4200
5000 6200
7500
There was a strike of 3 months in the year 1997, 4 months in 1998 and 2 months in
1999. The shortworkings can be recouped during the next two years only.
Prepare Royalties Account, Shortworkings Account and Bihar Colliery's Account in the
ledger of Bengal Coal Ltd.
Ins. (S.W. Recouped in 1998: 1,400; Unrecouped in 1997 : 4,000; 1998 : * 1,200]​

Answer 1

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