Question

Credit balance on revaluation account. Answer in a word / phrase / term.

Answer 1

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Profit on Revaluation Account.

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Answer 2

A credit balance on revaluation account is known as the profit on revaluation.

• Credit balance is referred to as gain on revaluation in the Revaluation account. The earnings are to be passed in their original profit-sharing balance to the financial accounts of new or the existing partners.
• To assess net gain or loss on the revaluation of assets and liabilities and put unrecorded things into accounts, a Revaluation Account is ready.
• The Revaluation gain and loss is allocated to the capital account of all partners, including retired and dead partners according to the old profit sharing ratio.