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

  • asset account credit purchase account
  • asset account credit capital account checkmark
  • capital account credit asset account
  • capital account credit profit and loss account

The correct answer is: B

Explanation

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

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