A partnership on admitting a new member, revalued the business' land and building from N30,000...

JAMB 1995

A partnership on admitting a new member, revalued the business' land and building from N30,000 to N70,00. The difference of N40,000 should be

A. credited to land and building account
B. debited to asset revaluation account
C. credited to asset revaluation account
D. credited to profit and loss appropriation account

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Correct Answer: Option B

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A partnership on admitting a new member, revalued the business' land and building from N30,000...

Correct Answer: Option B

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