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A fixed assets fully written-down by a trader is now considered to be worth ₦5,000....

Accounts - Principles of Accounts
WAEC 2012

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 Answer: Option B
Explanation

Debit asset account with 5000 and credit  capital account with 5000. 

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