Question

What is revaluation account? How is it prepared?

Answer 1

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/ or liabilities of the partnership firm at the time of Change in profit sharing ratio, admission of a partner, retirement of a partner ..
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Answer 2

★$</p><p>\huge {\underline {\underline {\mathbb {\silver {QuEsTiOn}}}}}$★

✦ ᴡʜᴀᴛ ɪs ʀᴇᴠᴀʟᴜᴀᴛɪᴏɴ ᴀᴄᴄᴏᴜɴᴛ ? ʜᴏᴡ ɪs ɪᴛ ᴘʀᴇᴘᴀʀᴇᴅ ?

★$</p><p>\huge {\underline {\underline {\mathbb {\black{AnSwEr}}}}}$★

✦ ʀᴇᴠᴀʟᴜᴀᴛɪᴏɴ ᴀᴄᴄᴏᴜɴᴛ ɪs ᴀ ɴᴏᴍɪɴᴀʟ ᴀᴄᴄᴏᴜɴᴛᴘʀᴇᴘᴀʀᴇᴅ ғᴏʀ ᴛʜᴇ ᴘᴜʀᴘᴏsᴇ ᴏғ ᴅɪsᴛʀɪʙᴜᴛɪɴɢ ᴀɴᴅ ᴛʀᴀɴsғᴇʀʀɪɴɢ ᴛʜᴇ ᴘʀᴏғɪᴛ ᴏʀ ʟᴏss.

✦ ᴀ ʀᴇᴠᴀʟᴜᴀᴛɪᴏɴ ᴀᴄᴄᴏᴜɴᴛ ɪs ᴘʀᴇᴘᴀʀᴇᴅ ɪɴ ᴏʀᴅᴇʀ ᴛᴏ ᴀsᴄᴇʀᴛᴀɪɴ ɴᴇᴛ ɢᴀɪɴ ᴏʀ ʟᴏss ᴏɴ ʀᴇᴠᴀʟᴜᴀᴛɪᴏɴ ᴏғ ᴀssᴇᴛs ᴀɴᴅ ʟɪᴀʙɪʟɪᴛɪᴇs ᴀɴᴅ ʙʀɪɴɢɪɴɢ ᴜɴʀᴇᴄᴏʀᴅᴇᴅ ɪᴛᴇᴍs ɪɴᴛᴏ ʙᴏᴏᴋs.