Question

Revaluation A/c is made :
(a) on dissolution to a (b) on profit
(c) on admission
(d) on dissolution of firm
​

Answer 1

Explanation:

Revaluation account is necessary to be prepared as it records any change in the assets and liabilities of a company, which is required for the new partner to know. It is because a new partner will not be ready to suffer the loss during the period before his admission.