Mr Ajith has patent of safety locks. He gave right of manufacture and sale of lock toNational traders for 14 years on the following terms.Royalty will be at Rs 5 on each lock sold and minimum rent is Rs 1,00,000 per year.Short working will be recouped in the following two year of the year of Deficit.Year2014201520162017No of Locks Sold16000180002200036000Open the Necessary Ledger Accounts in the books of National Traders. (Royalty A/c,Short workings A/c and Minimum Rent A/c)
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Mr Ajith has patent of safety locks. He gave right of manufacture and sale of lock to
National traders for 14 years on the following terms.Royalty will be at Rs 5 on each lock sold and minimum rent is Rs 1,00,000 per year.Short working will be recouped in the following two year of the year of Deficit.Year2014201520162017No of Locks Sold16000180002200036000Open the Necessary Ledger Accounts in the books of National Traders. (Royalty A/c,Short workings A/c and Minimum Rent A/c)
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