Question

is royalty account nominal​

Answer 1

Answer:

Royalty is payable by a user to the owner of the property or something on which an owner has some special rights. It is a nominal account and at the end of the accounting year, balance of Royalty account need to be transferred to the normal Trading and Profit & Loss account.

Explanation:

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Answer 2

Answer:

A royalty agreement is prepared between the owner and the user of such property or rights. ... It is a nominal account and at the end of the accounting year, balance of Royalty account need to be transferred to the normal Trading and Profit & Loss account.