A partnership on admitting a new member, revalued the business' land and building from ?30
FINANCIAL
POST UTME UI
A partnership on admitting a new member, revalued the business' land and building from ?30 000 to ?70 000. The difference of ?40 000 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 appropriate account
Correct Answer: C) credited to asset revaluation account
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