Question

What do you mean by revaluation account?

Answer 1

Revaluation a/c is a a/c which used in partnership a/c

It is used by decresing and increasing in assets and liabilities

Hope its help u

Answer 2

Hello Mate,

its an account prepared for revaluation of assets and reassessment of liabilities

It may be prepared at the admission, retirement or dissolution of a partnership firm

Profit loss on revaluation is distributed among existing partners

Hope this helps you