A fixed assets fully written-down by a trader i... - WAEC Accounting 2012 Question
A fixed assets fully written-down by a trader is now considered to be worth ₦5,000. The double entry required to reflect this is debit
A
asset account credit purchase account
B
asset account credit capital account
C
capital account credit asset account
D
capital account credit profit and loss account
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Correct Option: B
Debit asset account with 5000 and credit capital account with 5000.
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