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1. ABC Pvt. Ltd acquired the right to publish a book
entitled “Accountancy easy” From Writer at a royalty of Rs.
20 per copy of the book sold. The minimum rent was fixed at
Rs. 30,000 per year. It was agreed, that the short workings
of any year can be recouped with in 2 years immediately
following the year in which short workings occurred.
The no. of copies sold during the five years was as
following:
1. 1st year -1000
2. 2nd year -1400
3. 3rd year -1800
4. 4th year -3000
5. 5th year -1200
Show royalties account in the books of the publisher.
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Answer Posted / sanal
How to calculate ?
pls enter calculations.
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Mr. A purchased a machinery costing Rs. 1,00,000 on 1st October, 2005. Transportation and installation charges were incurred amounting Rs. 10,000 and Rs. 4,000 respectively. Dismantling charges of the old machine in place of which new machine was purchased amounted Rs. 10,000. Market value of the machine was estimated at Rs. 1,20,000 on 31st March 2006. While finalising the annual accounts, A values the machinery at Rs. 1,20,000 in his books. Which of the following concepts was violated by A? (a) Cost concept (b) Matching concept (c) Realisation concept (d) Periodicity concept.
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