On 1st January 2013 X paid `120,000 being rent upto 31.12.2013. If the accounts are closed on 31.03.12. `90,000 will be shown as -

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Prepaid rent or expenses are expenses paid in advance. In this case, X has paid rent for the entire year of 2013, but the accounts are closing on 31.03.2012. This means the rent from 01.01.2013 to 31.03.2013 (3 months) is for the period after the current accounting period and should be treated as a prepaid expense.

On 1st January 2013 X Paid `120,000 Being Rent Upto