Question

Diff between realization and revalution

Answer 1

realisation means sale of assets and repayment of liabilities in this account
revaluation means record of increase and decreased in the assets and liabilities account

Answer 2

Revaluation Account is prepared only when there is any change in the value of asset and liabilities of the partnership firm, at the time of admission, retirement, and death of a partner. On the other hand, Realisation Account is opened when the firm goes into liquidation, so as to close the books of accounts and also to compute the net effect (profit or loss) arising due to the realisation of assets and settlement of liabilities.