Question

what do u mean by Revaluation account?

Answer 1

Hyy dear
In case of Revaluationof assets and liabilities,Revaluation account is prepared. It is also called Profit and loss adjustment account.
In this account we only record those entries which are in regard of our increasing and decreasing of an asset..
Hope it will help you...

Answer 2

Revaluation A/c means -

Revaluation a/c is which a/c there r entries of assets and liabilities .

And also this A/c is made when somebody comes in partnership or goes away from partnership.

This a/c is called Profit loss

adjustment A/c.

It is made in only partnership .

This is use for only to know the amount of revaluation on their assets and liabilities