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 - SchoolNGR

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

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

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Take Free Practice Test On 2026 JAMB UTME, Post UTME, WAEC SSCE, GCE, NECO SSCE

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: Option B

Explanation:

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