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
The correct answer is B. Disposal of Asset Account N4,000, credit fixed Access Account N4,000
No explanation given
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