Question

The account which shows the changes in the valuation of assets & liability​

Answer 1

Explanation:

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.

Answer 2

Answer:

The correct answer to this question is the Revaluation or Profit and Loss Adjustment Account is the account that displays changes in asset values.

Explanation:

Given -  The changes in the valuation of assets & liability​.

To Find - The account which shows the changes in the valuation of assets & liability​.

The Revaluation or Profit and Loss Adjustment Account is the account that displays changes in asset values. In order to prevent the new partner from suffering any advantages or disadvantages, this account is formed to track changes in the values of assets and liabilities. The profit and loss adjustment account is another name for the revaluation account. It's a very little account. Asset value increases and liability value decreases are recorded in the revaluation account.

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