Question

Revaluation A/c _____
a) Insolvency b) Dissolution c) Admission d) Retirement

Answer 1

Answer:

c) Admission     d) Retirement

Explanation:

Revaluation A/c is formed at the time of admission, retirement, or death of a partner (partners). It shows the Assets and Liabilities at the changed value in order to help in determining the profit or loss of the company.

Only changes in the value of assets and liabilities are recorded.