A partnership on admitting a new member, revalued the business' land and building from N30,000...
FINANCIAL
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
Correct Answer: B. debited to asset revaluation account
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