A-LevelAccountingPreparation of financial statements9706/12 · Feb/Mar 2017 · Q141 Mark
A partnership revalues its non-current assets upwards. What are the ledger entries to record this?
Aaccount to debit: non-current assets, account to credit: bank
Baccount to debit: non-current assets, account to credit: partners' capital accounts
Caccount to debit: non-current assets, account to credit: partners' current accounts
Daccount to debit: non-current assets, account to credit: revaluation reserve
✓ Correct answer
B: account to debit: non-current assets, account to credit: partners' capital accounts
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