Question on: JAMB Accounting - 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 Option: B
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