X Coal Ltd has taken a leas coal field from Y on the following terms: 1)...

Transcribed Image Text:

X Coal Ltd has taken a leas coal field from Y on the following terms: 1) Lease is for 99 years 2) Lease rent is to be 50p per annum for every ton of coal raised 3) Minimum royalty per annum to be Rs. 30,000; the lessee has a right to recoup any shortworkings for a period of 3 years for which excess payment was made. 4) In case the working of mines was affected by any strike or riot and if there was no raising of coal, minimum rent payable would abate proportionately. 5) The following were the raisings for different years: Prepare royalty, shortworkings and landlord's accounts in the books of X Coal Ltd. X Coal Ltd has taken a leas coal field from Y on the following terms: 1) Lease is for 99 years 2) Lease rent is to be 50p per annum for every ton of coal raised 3) Minimum royalty per annum to be Rs. 30,000; the lessee has a right to recoup any shortworkings for a period of 3 years for which excess payment was made. 4) In case the working of mines was affected by any strike or riot and if there was no raising of coal, minimum rent payable would abate proportionately. 5) The following were the raisings for different years: Prepare royalty, shortworkings and landlord's accounts in the books of X Coal Ltd.

Answer rating: 100% (QA)

The detailed ... View the full answer