Accountancy, asked by Nowsh4644, 1 year ago

what is memorandum revaluation account? why and how is it prepared?

Answers

Answered by wwevikash

IT IS A ACCOUNT IN WHICH PROPRIETOR DECIDE TO STIMULATE AND THERE IS NO CHANGE IN ASSETS AND LIABLITIES. IT MEANS SUPPOSE WE HAVE BUILDING OF 25000 AND HIS VALUE IS NOW REDUCED TO 21000 THEN WE WILL SHOW 25000 IN BALANCE AND RELATED AMOUNY 4000 IS PAID BY PARTNERS.

Answered by 07adarsh

Answer: Memorandum revaluation account is a account which is prepared at the time of admission or retirement of a partner. It doesn't change the value of asset but makes the difference in partners capital.

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