Question

What is rent recieved in advance​

Answer 1

Answer:

Rent received is an income and rent received in advance means income not accrued but received in advance. At the time of receiving the rent, Rent account has credited, hence an adjustment entry need to be passed: Rent Received A/c Dr. To Advance Rent received A/c.

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Answer 2

Answer:

Rent received in advance is the amount of rent received before it was actually due, however, the related benefits equivalent to the advance received are yet to be provided to the tenant. Such an intake of money belongs to the future accounting period

Explanation:

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