Question

give necessary journal entries regarding revaluation and make the formula of revaluation account​

Answer 1

Explanation:

HEY MATE

Adjustment for Revaluation of Assets and Liabilities

Adjustment for Revaluation of Assets and LiabilitiesAt the time of retirement or death of a partner, there may be some assets and liabilities which are not recorded in books at their current values. Also, there may be some unrecorded assets and liabilities which need to be recorded in the books.

The following Journal entries are passed:1] For the increase in the value of AssetsAssets A/c (Individually) Dr.To Revaluation A/c(Being increase in the value of assets on revaluation)2] For a decrease in the value of AssetsRevaluation A/c Dr.To Assets A/c (Individually)(Being decrease in the value of assets on revaluation)