The balance of royalty?s receivable account is transferred to -
A) Profit and loss account
B) Royalties suspense account
C) Production account.
D) all
Correct Answer:
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Q4: Royalty is Rs 64,000, Minimum rent Rs
Q5: What is the example of wasting assets
A)Land
B)Mine
C)Stock
D)Fixed
Q6: Who is the person take the property
Q7: Royalty is an ………………….to lessee
A)Income
B)Expense
C)Both
D)None
Q8: When the lessor receives payment, the credits-
A)Lessee
Q10: The balance of royalty payable account is
Q11: Under the average clause, the loss is
Q12: ………………..account is credited when lessor receive an
Q13: Royalty is an income to lessee
A)True
B)False
C)none
D)all
Q14: Fixed payment made for the used of
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