Question

The account which shows revaluation of assets and liabilities. Answer in a word / phrase / term.

Answer 1

Hey mate ✌️✌️

The account which shows revaluation of assets and liabilities.⤵️⤵️⤵️⤵️


Revaluation Account.

Answer 2

The account that shows the revaluation of assets and liabilities is known as the Revaluation or Profit and Loss Adjustment Account.

• Revaluation account is an account that is 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.
• A revaluation account is opened to the document changes in an asset and liability values so that no disadvantage or a benefit is imposed on the new partner.
• The Revaluation Account will be debited when the unrecorded liability enters the business.