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

  • credited to land and building account
  • debited to asset revaluation account checkmark
  • credited to asset revaluation account
  • credited to profit and loss appropriation account

The correct answer is: B

Explanation

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