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

Answer is B