In converting a to a partnership company; the loss on asset revaluation is?

By: |Published on: Dec 6|Categories: Accounting JAMB| 0 comments

A. debited to the revaluation account
B. debited to the profit and loss account
C. credited to the revaluation account
D. credited to the profit and loss account

Correct Answer:

Option B – debited to the profit and loss account

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