Question

what journal entries are passed in the books of landlord and lessee in connection with royalties​

Answer 1

Answer:

Journal Entries in the books of the Lessor

For Royalty due. Lessee's A/c (Minimum Rent) Dr. xx. ...

For payment received. Bank A/c. Dr. xx. ...

When short-workings are recouped. Short-workings Allowable A/c. Dr. xx. ...

For irrecoverable short-workings. Short-workings Allowable A/c. Dr. xx. ...

For transferring Royalty at the year end..

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