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Q.4. Das Colllery Company took a lease of a mine from Coal Fields Ltd., for a period 10 years upon the terms of a royalty @ 50 palse per tonne upon the output with a minimum rent of 20,000 in the first year and then increasing every year by 2,000. Till it reaches 30,000 when it becomes fixed for all the coming years. The Das Colliery Company was granted the right of recouping shortworking of any year in the subsequent 3 years. The following were the production figures of the first 6 years: 1991 NII 1992 18,000 tonnes 1993 38,000 tonnes 1994 60,000 tonnes 1995 68,000 tonnes 1996 80,000 tonnes Pass journal entries and prepare: 1. Dead rent account, 2. Royalty account, 3. Coal Fields Ltd account, 4. Shortworking account. Anastical Table 4.6. Rajeev Mineral Corporation took a lease of Iron mine for a term of 5 years from 1st January, 1995 on a minimum rent of * 2,000 per year merging in a royalty of 10 per tonne of Iron inguts raised payable quarterly on 31st March, 30th June, 30th Sept, and 31st December every year. Shortworking can be recouped only during the first two years of the lease. Rajeev Mineral Corporation closes its books on 31st December every year. Iron inguts production is as follows: 31st Mar. 1995 150 tonnes 30th June 1995 180 tonnes 30th Sept. 1995 220 tonnes 31st Dec. 1995 210 tonnes 31st Mar. 1996 160 tonnes 30th June 1996 250 tonnes 30th Sept. 1996 200 tonnes 31st Dec. 1996 220 tonnes Prepare necessary ledger accounts in the books of Rajeev Mineral Corporation. 140