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A colliery company has taken lease of a coal mine on a minimum rent of 7,500 per year merging into a royalty of 25 paise per tonne raised.Short-working of any year can be recouped out of the royalty of the next three years. Terms of lease is 10 years.the results of the working are: Year. : 1. 2. 3. Output ( in tonne):. Nil. 6,000 24,000 4 5 60,000. 45,000 Show landlord's account and shortworking account in the books of colliery company.?
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A colliery company has taken lease of a coal mine on a minimum rent of...
Landlord's Account:
The landlord's account will include the minimum rent and royalty paid by the colliery company. The account will be as follows:
Year 1:
- No output, so no royalty paid
- Minimum rent paid = Rs. 7,500
Year 2:
- Output = 6,000 tons
- Royalty paid = 6,000 x 0.25 = Rs. 1,500
- Short-working of Year 1 recouped from royalty = Rs. 0
- Total amount paid = Rs. 9,000 (minimum rent + royalty)
Year 3:
- Output = 24,000 tons
- Royalty paid = 24,000 x 0.25 = Rs. 6,000
- Short-working of Year 2 recouped from royalty = Rs. 4,500 (Rs. 1,500 x 3)
- Total amount paid = Rs. 13,500 (minimum rent + royalty)
Year 4:
- Output = 45,000 tons
- Royalty paid = 45,000 x 0.25 = Rs. 11,250
- Total amount paid = Rs. 18,750 (minimum rent + royalty)
Year 5:
- Output = 60,000 tons
- Royalty paid = 60,000 x 0.25 = Rs. 15,000
- Total amount paid = Rs. 22,500 (minimum rent + royalty)
Shortworking Account:
The shortworking account will show the amount of royalty that was short-paid in a particular year and subsequently recouped from the royalty of the next three years. The account will be as follows:
Year 1:
- Short-working = Rs. 7,500 (minimum rent)
- No recoupment in subsequent years
Year 2:
- Short-working = Rs. 0
- Recoupment from Year 3 royalty = Rs. 0
Year 3:
- Short-working = Rs. 4,500 (Rs. 1,500 x 3)
- Recoupment from Year 4 and Year 5 royalty = Rs. 4,500
Year 4:
- Short-working = Rs. 0
- No recoupment needed
Year 5:
- Short-working = Rs. 0
- No recoupment needed
Explanation:
- The colliery company has taken lease of a coal mine for 10 years on a minimum rent of Rs. 7,500 per year merging into a royalty of 25 paise per tonne raised.
- Short-working of any year can be recouped out of the royalty of the next three years.
- In Year 1, there was no output, so the colliery company paid only the minimum rent of Rs. 7,500.
- In Year 2, there was an output of 6,000 tons, so the colliery company paid royalty of Rs. 1,500 and recouped the short-working of Year 1 from the royalty of Year 2.
- In Year 3, there was an output of 24,000 tons, so the colliery company paid royalty of Rs. 6,000 and recouped the short-working of Year 2 from the royalty of Year 3.
- In Year 4
The landlord's account will include the minimum rent and royalty paid by the colliery company. The account will be as follows:
Year 1:
- No output, so no royalty paid
- Minimum rent paid = Rs. 7,500
Year 2:
- Output = 6,000 tons
- Royalty paid = 6,000 x 0.25 = Rs. 1,500
- Short-working of Year 1 recouped from royalty = Rs. 0
- Total amount paid = Rs. 9,000 (minimum rent + royalty)
Year 3:
- Output = 24,000 tons
- Royalty paid = 24,000 x 0.25 = Rs. 6,000
- Short-working of Year 2 recouped from royalty = Rs. 4,500 (Rs. 1,500 x 3)
- Total amount paid = Rs. 13,500 (minimum rent + royalty)
Year 4:
- Output = 45,000 tons
- Royalty paid = 45,000 x 0.25 = Rs. 11,250
- Total amount paid = Rs. 18,750 (minimum rent + royalty)
Year 5:
- Output = 60,000 tons
- Royalty paid = 60,000 x 0.25 = Rs. 15,000
- Total amount paid = Rs. 22,500 (minimum rent + royalty)
Shortworking Account:
The shortworking account will show the amount of royalty that was short-paid in a particular year and subsequently recouped from the royalty of the next three years. The account will be as follows:
Year 1:
- Short-working = Rs. 7,500 (minimum rent)
- No recoupment in subsequent years
Year 2:
- Short-working = Rs. 0
- Recoupment from Year 3 royalty = Rs. 0
Year 3:
- Short-working = Rs. 4,500 (Rs. 1,500 x 3)
- Recoupment from Year 4 and Year 5 royalty = Rs. 4,500
Year 4:
- Short-working = Rs. 0
- No recoupment needed
Year 5:
- Short-working = Rs. 0
- No recoupment needed
Explanation:
- The colliery company has taken lease of a coal mine for 10 years on a minimum rent of Rs. 7,500 per year merging into a royalty of 25 paise per tonne raised.
- Short-working of any year can be recouped out of the royalty of the next three years.
- In Year 1, there was no output, so the colliery company paid only the minimum rent of Rs. 7,500.
- In Year 2, there was an output of 6,000 tons, so the colliery company paid royalty of Rs. 1,500 and recouped the short-working of Year 1 from the royalty of Year 2.
- In Year 3, there was an output of 24,000 tons, so the colliery company paid royalty of Rs. 6,000 and recouped the short-working of Year 2 from the royalty of Year 3.
- In Year 4
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A colliery company has taken lease of a coal mine on a minimum rent of 7,500 per year merging into a royalty of 25 paise per tonne raised.Short-working of any year can be recouped out of the royalty of the next three years. Terms of lease is 10 years.the results of the working are: Year. : 1. 2. 3. Output ( in tonne):. Nil. 6,000 24,000 4 5 60,000. 45,000 Show landlord's account and shortworking account in the books of colliery company.?
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A colliery company has taken lease of a coal mine on a minimum rent of 7,500 per year merging into a royalty of 25 paise per tonne raised.Short-working of any year can be recouped out of the royalty of the next three years. Terms of lease is 10 years.the results of the working are: Year. : 1. 2. 3. Output ( in tonne):. Nil. 6,000 24,000 4 5 60,000. 45,000 Show landlord's account and shortworking account in the books of colliery company.? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about A colliery company has taken lease of a coal mine on a minimum rent of 7,500 per year merging into a royalty of 25 paise per tonne raised.Short-working of any year can be recouped out of the royalty of the next three years. Terms of lease is 10 years.the results of the working are: Year. : 1. 2. 3. Output ( in tonne):. Nil. 6,000 24,000 4 5 60,000. 45,000 Show landlord's account and shortworking account in the books of colliery company.? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A colliery company has taken lease of a coal mine on a minimum rent of 7,500 per year merging into a royalty of 25 paise per tonne raised.Short-working of any year can be recouped out of the royalty of the next three years. Terms of lease is 10 years.the results of the working are: Year. : 1. 2. 3. Output ( in tonne):. Nil. 6,000 24,000 4 5 60,000. 45,000 Show landlord's account and shortworking account in the books of colliery company.?.
A colliery company has taken lease of a coal mine on a minimum rent of 7,500 per year merging into a royalty of 25 paise per tonne raised.Short-working of any year can be recouped out of the royalty of the next three years. Terms of lease is 10 years.the results of the working are: Year. : 1. 2. 3. Output ( in tonne):. Nil. 6,000 24,000 4 5 60,000. 45,000 Show landlord's account and shortworking account in the books of colliery company.? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about A colliery company has taken lease of a coal mine on a minimum rent of 7,500 per year merging into a royalty of 25 paise per tonne raised.Short-working of any year can be recouped out of the royalty of the next three years. Terms of lease is 10 years.the results of the working are: Year. : 1. 2. 3. Output ( in tonne):. Nil. 6,000 24,000 4 5 60,000. 45,000 Show landlord's account and shortworking account in the books of colliery company.? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A colliery company has taken lease of a coal mine on a minimum rent of 7,500 per year merging into a royalty of 25 paise per tonne raised.Short-working of any year can be recouped out of the royalty of the next three years. Terms of lease is 10 years.the results of the working are: Year. : 1. 2. 3. Output ( in tonne):. Nil. 6,000 24,000 4 5 60,000. 45,000 Show landlord's account and shortworking account in the books of colliery company.?.
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A colliery company has taken lease of a coal mine on a minimum rent of 7,500 per year merging into a royalty of 25 paise per tonne raised.Short-working of any year can be recouped out of the royalty of the next three years. Terms of lease is 10 years.the results of the working are: Year. : 1. 2. 3. Output ( in tonne):. Nil. 6,000 24,000 4 5 60,000. 45,000 Show landlord's account and shortworking account in the books of colliery company.?, a detailed solution for A colliery company has taken lease of a coal mine on a minimum rent of 7,500 per year merging into a royalty of 25 paise per tonne raised.Short-working of any year can be recouped out of the royalty of the next three years. Terms of lease is 10 years.the results of the working are: Year. : 1. 2. 3. Output ( in tonne):. Nil. 6,000 24,000 4 5 60,000. 45,000 Show landlord's account and shortworking account in the books of colliery company.? has been provided alongside types of A colliery company has taken lease of a coal mine on a minimum rent of 7,500 per year merging into a royalty of 25 paise per tonne raised.Short-working of any year can be recouped out of the royalty of the next three years. Terms of lease is 10 years.the results of the working are: Year. : 1. 2. 3. Output ( in tonne):. Nil. 6,000 24,000 4 5 60,000. 45,000 Show landlord's account and shortworking account in the books of colliery company.? theory, EduRev gives you an
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