Jeng Limited disposed a fixed asset in 1999 for N2,000. T...
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
Fixed Asset Accunt N4,000, credit Disposal of Assets Account N4,000
Disposal of Asset Account N4,000, credit fixed Access Account N4,000
Disposal of Asset Account N2,000, credit Fixed Asset account N2,000
Fixed Asset Account N2,000, credit Disposal of Assets Account 2000
Correct answer is B
No explanation has been provided for this answer.
Use the following to answer the given question DEBTORS CONTROL ACCOUNT: \(\begin{array}{c|c} &...
Subscription prepared by members is recorded in the balance sheet of a club as a ...
Use the following to answer the given question BALANCE SHEET: \(\begin{array}{c|c} & N &am...
Use the information below to answer this question. \(\begin{array}{c|c} \text{Raw materials jan.}...
Which of the following is a credit item in creditors ledger control account? ...