Question

Difference between profit and loss adjustment account and revaluation account ?

Answer 1

Answer:

Explanation:

Profit and Loss Appropriation Account is then followed by the preparation of Profit and Loss Adjustment Account. ... On the other hand, Revaluation Account as mentioned in the study material is prepared just to revalue the assets and the liabilities on the eve of the reconstitution of partnership.

Answer 2

Answer:

benefit and shortfall modification account is same as revaluation account..u must have found out about benefit and loss..we determine net benefit or overal deficit as the adjusting figures.. when we have decided the measure of net benefit or total deficit, if a thing is observed which persuaded overlooked to be recorded in the benefit and shortfall account. all things considered we get ready benefit and misfortune adjustment..When another accomplice is conceded into the organization, resources are revalued and liabilities are reassessed. A Revaluation Account (or Profit and Loss Adjustment Account) is opened for the reason. This record is charged with all decrease in the estimation of advantages and increment in liabilities and credited with increment in the estimation of benefits and decline in the estimation of liabilities. The distinction in opposite sides of the record will indicate Profit or misfortune. This is exchanged to the Capital Accounts of old accomplices in the old Profit sharing proportion.