X and Y had already been partners for several years when Z joined the partnership as a partner. On that date, after a revaluation, the premises account was debited with $120000$. Profits were divided equally both before Z joined and after Z’s admission. What were the credit entries used to record the revaluation?
- Acapital accounts X $40000$, Y $40000$, Z $40000$
- Bcapital accounts X $60000$, Y $60000$
- Ccurrent accounts X $40000$, Y $40000$, Z $40000$
- Dcurrent accounts X $60000$, Y $60000$