A partnership on admitting a new member, revalued the business' land and building from ₦30,000 to ₦70,00. The difference of ₦40,000 should be

Question 1 Report

A partnership on admitting a new member, revalued the business' land and building from ₦30,000 to ₦70,00. The difference of ₦40,000 should be

credited to land and building account

debited to asset revaluation account

credited to asset revaluation account

credited to profit and loss appropriation account

Partnership Accounts

Nature And Significance Of Accounting

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