Question

Revaluation account is a __________________ account
(a) Personal
(b) Real
(C) Nominal
(D)None​

Answer 1

Answer:

(C) Nominal

Explanation:

Revaluation account is a nominal account prepared for the purpose of distributing and transferring the profit or loss arising out of increase or decrease in the book value of assets and/ or liabilities of the partnership firm at the time of Change in profit sharing ratio, admission of a partner, retirement of a partner.

Answer 2

Answer:

option C Nominal account

Explanation:

Revaluation account is a nominal account prepared for the purpose of distributing and transferring the profit or loss arising out of increase or decrease in the book value of assets and/ or liabilities of the partnership firm at the time of Change in profit sharing ratio, admission of a partner, retirement of a partner

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