Question

what is memorandum revaluation account and please give me its format please

Answer 1

memorandum revaluation account is prepared when at the time of admission/retirement the partnership firm does not want to change the values of assets and liabilities in the balance but wants to give it's effect through partners capital account.

 format of the account is...

memorandum revaluation a/c is prepared when the assets and liabilities are shown in the new Balance sheet at their old or unaltered figures. It is not divided into two parts. It is prepared o record the increase and decrease in the value of assets and liabilities.