Physics · Accounting
MC Publications has received rent amounting to ₹2,50,000 during the financial year ending 31st March 2024. Out of this, ₹50,000 represents rent relating to the next financial year. The rent account to be credited to the profit and loss account for the year ended 31st March 2024 is ________ and the rent received in advance will be shown as a/an ________.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1₹2,00,000; Liability✓
- 2₹1,50,000; Liability
- 3₹3,00,000; Asset
- 4₹2,00,000; Asset
Correct answer
₹2,00,000; Liability
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