Question

What is revaluation account ?​

Answer 1

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.

Answer 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.