Jeng Limited disposed a fixed asset in 1999 for N2,000. The asset was purchased in 1996 at a cost of N10,000 and has been depreciated at the rate of 20% per annum using the straight line method. What is the correct entry for the sale of the asset in the Asset Account and Disposal of Asset Account? Debit
a
Fixed Asset Accunt N4,000, credit Disposal of Assets Account N4,000
b
Disposal of Asset Account N4,000, credit fixed Access Account N4,000
c
Disposal of Asset Account N2,000, credit Fixed Asset account N2,000
d
Fixed Asset Account N2,000, credit Disposal of Assets Account 2000
Explanation
Correct Option
bNo explanation available
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