Question 21

A partnership on admitting a new member, revalued the business' land and building from N30,000 to N70,000. 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 appropriate account
Objective

Question details

Exam body
UI
Subject
Financial Accounting
Year
2012/2013
Question no.
#21
Type
Objective

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