Question

What is revaluation of assets and liabilities? Prepare a specimen of revaluation account.​

Answer 1

Answer:

A Revaluation account is opened to record the increase or decrease in assets and liabilities. Revaluation account is also called Profit and loss adjustment account. It is a nominal account. ... The profit or loss arising therefrom is transferred to the capital accounts of the old partners in the old profit sharing ratio.