Question

Account which is opened to record the gains and losses on revaluation. Answer in a word / phrase / term.

Answer 1

Heya user ✨✨


⏩ Partner Capital A/c

Answer 2

Answer:

Revaluation account

Explanation:

Also known as profit and loss adjustment account, revaluation account is a nominal account. A revaluation account may be prepared when a new partner joins the partnership or when a partner retires or at the time of dissolution of a firm.

On preparation of revaluation account, the profit and loss are distributed among existing partners.