Question

What is the difference between revaluation account and memorandum revaluation account ???
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Answer 1

Answer:

Revaluation Account is prepared when the assets and liabilities are shown in the new balance sheet at the revalued figures. Memorandum Revaluation Account is prepared when the assets and liabilities are shown in the new balance sheet at their old or unaltered figures.

Answer 2

Answer:

Revaluation Account is prepared when the assets and liabilities are shown in the new balance sheet at the revalued figures. Memorandum Revaluation Account is prepared when the assets and liabilities are shown in the new balance sheet at their old or unaltered figures.