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Question

At the start of the year, the balance sheet contained a balance for rent received in advance of Rs. 1,000. Rs. 15,000 was received throughout the year and at the year end, it was clear that Rs. 2,000 was still receivable for the year. Which of the following is the correct entry in the profit and loss account?



A

Rent Income of Rs. 15,000

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B

Rent Income of Rs. 16,000

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C

Rent Income of Rs. 17.000

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D

Rent Income of Rs. 18,000

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Solution

The correct option is D

Rent Income of Rs. 18,000


Rent Income
= Rent received + Rent outstanding + Opening rent received in advance

= Rs. 15,000 + Rs. 2,000 + Rs. 1,000

= Rs. 18,000


Accountancy

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