Question

what is revaluation account​

Answer 1

Explanation:

• 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.

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Answer 2

Answer:

Revaluation account is a nominal account prepared for the purpose of distributing and transferring the profit or loss arising out of increase or decrease in the book value of assets and liabilities of the book value of the assets and liabilities of the partnership firm at the time of change in profit sharing ratio, admission of a partner.

Explanation:

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