Give three diffrence between revolution account and realisation account
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Revaluation account and Realisation Account are two types of nominal account, which are concerned with the partnership. The primary difference between these two accounts lies in a number of factors like the time of preparation, contents, objective and so forth. In the given article, we’ve compiled all the difference between revaluation and realisation account.
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REVOLUTION
Meaning: Revaluation Account records the effect of re-valuation of assets and liabilities.
Purpose:It is prepared to find out the net profit/loss on re-valuation.
When Prepared: It is prepared at the time of admission, retirement or death of a partner.
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REALISATION
Meaning: Realization Account records the realization of assets and settlement of liabilities.
Purpose: It is prepared for determining net profit/loss on realization of assets and settlement of liabilities.
When Prepared: It is prepared at the time of dissolution of the firm.
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REVOLUTION
Meaning: Revaluation Account records the effect of re-valuation of assets and liabilities.
Purpose:It is prepared to find out the net profit/loss on re-valuation.
When Prepared: It is prepared at the time of admission, retirement or death of a partner.
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REALISATION
Meaning: Realization Account records the realization of assets and settlement of liabilities.
Purpose: It is prepared for determining net profit/loss on realization of assets and settlement of liabilities.
When Prepared: It is prepared at the time of dissolution of the firm.
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