Concept:When a fully written-down asset is revalued upwards, the increase is treated as a gain to the owner, so the asset account is increased on the debit side and the capital account is increased on the credit side.
Explanation:The asset was previously worth
0 in the books because it had been fully depreciated.
Now it is considered to be worth ₦5,000, so the asset value must be increased.
To increase an asset account, we debit it with ₦5,000.
The corresponding credit is made to the capital account, because the rise in value belongs to the owner.
This keeps the accounting equation balanced: Assets increase and Capital increases by the same amount.
Therefore, the correct double entry is: debit asset account, credit capital account.
Answer:Option B: debit asset account, credit capital account.