Client company has a property rented out. This is the only source of income. Tenant paid no rent in the last accounting period . Client has issued court proceedings for the unpaid rent. Likely that some rent will be recovered but unable to know how much or when it will be received. Am I correct in stating that there is no Case V income in the accounting period as nothing has been received and that the rental income will be recognized in the period when( if ever) it is received?
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