Question

What is revaluation account? (Answer in one sentence)

Answer 1

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


sorry its long

Answer 2

A ACCOUNT OPERATED BY ANY PARTNERSHIP FIRM FOR RECORDING CHANGE IN THE VALUE OF ASSETS A D LIABILITY AND TO ASCERTAIN PROFIT AND LOSS MADE ON REVALUATION ASSET OR LIABILITIES IS CALLED....