Question

What is the nature of revaluation account

Answer 1

The nature of Revaluation Account is that it is opened to record therevaluation of assets and liabilities.The profit or loss arising because of evaluation is transfered to old partners capital account in their old profit sharing ratio.


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Answer 2

The nature of Revaluation Account is that it is opened to record the revaluation of assets and liabilities.The profit or loss arising because of evaluation is transfered to old partner capital account in their old profit sharing ratio.