JAMB Accounting 2011 Objective — Question 41

Question 41 of 49 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2011 Objective paper, with the correct answer and a full explanation.

Which of the following can be used on admission of a new partnership?

A. A. Revaluation accountCorrect
B. B. Profit and loss account
C. C. Capital account
D. D. Trading account

Explanation

When a new partner is admitted, the old partners revalue the assets through a revaluation account.

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