revolution account is a
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Revaluation account is a nominal account, which is prepared for the distribution and transfer of profits and losses arising due to the increase and decrease of the book value of assets and liabilities during change in profit sharing ratio, admission of a partner, retirement of a partner and death of a partner.
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In case of Revaluation of assets and liabilities, Revaluation account is prepared. It is also called Profit and loss adjustment account.
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