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

The correct answer is B. debited to asset revaluation account

No explanation given
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