Which ONE of the following shows how this transaction should be recorded in Mr UY’s property account?

Mr UY has just had property P re-valued. Mr UY originally purchased property P for £560,000. It is now worth £780,000.

Which ONE of the following shows how this transaction should be recorded in Mr UY’s property account?
A . £220,000 credit
B . £220,000 debit
C . £780,000 debit
D . £780,000 credit

View Answer

Answer: B