A. discount allowed account
B. interest received account
C. cash sales account
D. debtors account
E. assets account

Correct Answer:

Option D – debtors account

SEE ALSO  Jeng Limited disposed of 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 was the book value when the asset was sold?

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