On 1.1.2010, Sudarshan Sinha obtained a mining lease and from that date he sub-leased a part of
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On 1.1.2010, Sudarshan Sinha obtained a mining lease and from that date he sub-leased a part of the mine to Sujit Saha. Show ledger accounts in the books of Sudarshan Sinha from the following data : Year Lease (tons) Sub-lease (tons) 2010 1,500 1,000 2011 4,000 4,500 2012 18,000 10,000 2013 15,000 (strike) 3,000 2014 8,000 15,000 Royalty per ton ~ 3.00 ~ 4.00 Minimum rent p.a. ~ 35.000 ~ 25,000 Shortworkings recoverable in following 3 years 2 years In the event of a strike and the minimum rental not being reached, the lease provided that the actual royalties earned for the year discharged all rental obligations for the year.
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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