Rent prepaid as at the commencement of the year was £8,000. Having agreed to pay rent at £4,000 per month, the business was able to pay during the year only £28,000. The position by year-end is:
(a) Rent accrued £20,000
(b) Rent prepaid £12,000
(c) Rent accrued £12,000
(d) Rent prepaid £4,000