Question

P. Ltd. took a mine on lease from the Landlord T.Ltd. from january 1, 2002 for a period of 20 years. Minimum Rent is Rs. 12000 per year. Each year's excess of minimum rent over royalties is recoverable out of royalties for the next two years. In the event of strikes, the minimum rent was to be reduced proportionately , having regard to the actual royalties earned for the year would discharge the full rental obligation for that year. The result of the workings were as follows:
Year Actual Royalty
2004 13000
2005 8000
2006 10000strike3 month
2007 8000 lackout
2008 15000
The balance of short workings account ,as on january 1, 2004 was Rs.5000 of which Rs. 3000 relates to 2002 and the balance in 2003 .Show the royalty, Landlord and short workings accounts in the books of P.Ltd.​

Answer 1

Answer:

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Explanation:

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