Question

Calculations of profit and losd revaluation

Answer 1

Answer:

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Answer 2

Answer:

Debit the decrease in value of assets or increase in the number of liabilities to revaluation account, being a loss.

A Revaluation Account is prepared in order to ascertain net gain or loss on revaluation of assets and liabilities and bringing unrecorded items into books. The Revaluation profit or loss is transferred to the capital account of all partners including retiring or deceased partners in their old profit sharing ratio.