explain with suitable example. what are the necessary journal entries passed in the books of Landlord and lessee
Answers
The Royalty Accounts Journal entries to be passed in the books of lessee can be done away through two methods as under:
The Royalty Accounts Journal entries to be passed in the books of lessee can be done away through two methods as under:Without opening the Minimum Rent Account.
The Royalty Accounts Journal entries to be passed in the books of lessee can be done away through two methods as under:Without opening the Minimum Rent Account.With the opening of Minimum Rent Account.
The Royalty Accounts Journal entries to be passed in the books of lessee can be done away through two methods as under:Without opening the Minimum Rent Account.With the opening of Minimum Rent Account.In this blog, we are going to discuss the first method of passing the Journal entries i.e. without opening the Minimum Rent Account.
The Royalty Accounts Journal entries to be passed in the books of lessee can be done away through two methods as under:Without opening the Minimum Rent Account.With the opening of Minimum Rent Account.In this blog, we are going to discuss the first method of passing the Journal entries i.e. without opening the Minimum Rent Account.For the purpose of clearly understanding the journal entries, the accounting year has been classified in various types
The following are the accounting entries passed in the books of lessee: (1) When the Royalty is Less than Minimum Rent and the Minimum Rent Account is not Maintained: Royalty is less than Minimum Rent and the Minimum Rent Account is not maintained.