Question: On 1 September 20.18 Lloyd Traders received a prepayment for an amount of R82 550 from a client that is currently occupying part of Lloyd's

On 1 September 20.18 Lloyd Traders received a prepayment for an amount of R82 550 from a client that is currently occupying part of Lloyd's office building under a lease agreement. The prepayment is the rent for 13 months. The prepayment transaction has not yet been recorded in the accounting books of Lloyd Traders. The current financial period ends on 28 February 20.19. The pre-adjustment trial balance for the year ended 28 February 20.19 reflected rental income to the amount of R25 400 . No adjusting journal entry has been processed in the accounting records of Lloyd Traders. The rental income amount to be disclosed in the statement of profit or loss and other comprehensive income for the year ended 28 February 20.19 will be

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