Question

Revaluation a/c which a/c mcq

Answer 1

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Revaluation Account is nominal account as it accept the nominal rule i. e debit all expenses and loses and credit all gains and incomes.



Revaluation Account has two sides. One is debit side and other is credit side. On the debit side, Revaluation Account shows all the Expenses and loses that happen in the business and on the credit side, it shows all the gains and incomes created in the business.



Hence, mostly final accounts preparations are based on nominal account.