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 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

jamb 1995 accounting

The correct answer is B. debited to asset revaluation account

No explanation given

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