A fixed assets fully written-down by a trader is now cons...
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
Capital account credit asset account
Capital account credit profit and loss account
Correct answer is B
Debit asset account with 5000 and credit capital account with 5000.
The journal has the following headings except ...
Goodwill is taken into account in partnership when ...
Where closing stock is undervalued, the effect is? ...
\(\begin{array}{c|c} & ₦\\ \hline \text{Opening stock} & 40,000\\ \text{Purchases} & 1...
Use the following information to answer the question \(\begin{array}{c|c} \text{prepared} &...
\(\begin{array}{c|c} \text{Branch stock account (at selling price)} & D346,000 - debit \\ \text{...