Accounting 9706 · AS & A Level · Accounting for non-current assets

Accounting for non-current assets — practice question

A partnership raises the valuation of its non-current assets. What ledger entries should be made to record this?

  • ADebit non-current assets, credit bank
  • BDebit non-current assets, credit partners’ capital accounts
  • CDebit non-current assets, credit partners’ current accounts
  • DDebit non-current assets, credit revaluation reserve

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