Question

Revatuation account or profit and loss adjustment is a?​

Answer 1

Explanation:

Revaluation Account is a nominal account which is prepared at the time of admission, retirement and death of a partner. Revaluation Account is also known as Profit & Loss Adjustment Account. This account is credited with all increases in the value of assets and decrease in the value of liabilities.

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Answer 2

Answer:

Revaluation Account is a nominal account which is prepared at the time of admission, retirement and death of a partner. Revaluation Account is also known as Profit & Loss Adjustment Account. This account is credited with all increases in the value of assets and decrease in the value of liabilities.