Question

The account which shows change in the values of assets. Answer in a word / phrase / term.

Answer 1

HEY MATE HERE IS YOUR ANSWER


Question :- The Realisation account which shows change in the values of assets ?

Answer :- Realisation

Realisation is the account which shows change in the values of assets.






Hope it will help you

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Answer 2

The account that shows a change in the values of assets is known as the Revaluation or Profit and Loss Adjustment Account.

• Revaluation account means an account maintained by the company to keep records of gains or losses when the assets are reassessed and the liabilities reassessed when the company is reconstituted.
• The account is opened to document changes in asset and liability values so that no benefit or disadvantage is imposed on the new partner.
• The Revaluation Account needs to be debited when the unrecorded liability enters the business.