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 - SchoolNGR

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

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

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Take Free Practice Test On 2026 JAMB UTME, Post UTME, WAEC SSCE, GCE, NECO SSCE

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

Correct Answer: Option B

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

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