What is revaluation account ?
Answers
Answered by
2
Answer:
At the time of admission, a nominal account known as the revaluation account is opened to revalue and reassess the assets and the liabilities. ... Any profit or loss arising from the Revaluation account is credited or debited to the old partner's capitals accounts in their old profit sharing ratio.
Answered by
13
Answer:
At the time of admission, a nominal account known as the revaluation account is opened to revalue and reassess the assets and the liabilities. ... Any profit or loss arising from the Revaluation account is credited or debited to the old partner's capitals accounts in their old profit sharing ratio.
Similar questions
English,
5 months ago
English,
5 months ago
History,
9 months ago
Computer Science,
9 months ago
Economy,
9 months ago