Homework Answers
Solution. The correct answer is option second- forfeited security deposit.
Explanation: Option first -maintenance services provided by the tenant in exchange for rent is not true for the given question, as it forms part of rental income under accounting book-keeping Option second- forfeited security deposit, represents rental income from the tenant to the landlord for damage accountability and does not hold as rental income. Option third- advance payment of last month's rent, made in January, the tenant continued to rent the property all year and paid monthly rent in a timely manner acts as a rental income as period of such time coverage does not impact the advance rent the landlord is receiving during the year and comes under the head of advance rent. Option fourth- security deposit paid at the same time as the first month's rent also acts as rental income as such is not returned to the tenant at the end of lease period.
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