What is the journal entry for recording minimum rent payable to land lords
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The royalty account is the journal entry for recording minimum rent payable to landlords.
Explanation:
- Royalty is the amount that is paid by the lessee as rent for the place rented by them to the landlords.
- The amount is paid periodically and it can be entered through two methods.
- One method is without opening the minimum rent account and the other method is with the opening of the minimum rent account.
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