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

Accounts - Principles of Accounts
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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