Free Range Stores make up accounts to 31 December each year. Premises used by them have an apartment which is rented out to university students at £2,000 per quarter. Particulars of rent received from students have been tabulated below.

Required: 

Calculate for each of the two years, 2009 and 2010, the amounts that should be reported as rental income in the Statement of income and as asset or liability in the Statement of financial position.

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Cash received during year 2009 In respect of the period Amount £2,000 £2,000 £2,000 1.1.2009 to 31.3.2009 1.4.2009 to 30.6.2009 1.7.2009 to 30.9.2009 Cash received during the year 2010 Amount In respect of the period £2,000 £2,000 £2,000 £2,000 £2,000 £2,000 1.10.2009 to 31.12.2009 1.1.2010 to 31.3.2010 1.4.2010 to 30.6.2010 1.7.2010 to 30.9.2010 1.10.2010 to 31.12.2010 1.1.2011 to 31.3.2011