Question

give the journal entry to close revaluation account when there is a profit​

Answer 1

Answer:

When a new partner is admitted, the existing assets and liabilities are to be revalued. To avoid any undue gain or loss to the incoming partner, the existing partners sometimes revalue the assets and liabilities.

The revaluation can be done in two ways:

(1) When assets and liabilities are revalued, the revised values are shown in the books of ac­counts.

(2) When the assets and liabilities are revalued, revised values are not to be shown in the books of accounts.

Explanation:

mark me as brainliest plzzzzzzzzzzzzzz dont forget