Question

When revaluation account is debited and credited ?​

Answer 1

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At the time of admission of a new partner, all assets are revalued and any gain or loss on such revaluation is transferred to the Revaluation account. An increase in the value of plant and machinery is recorded by crediting the revaluation account since it is a gain for the firm.

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Answer 2

Answer:

At the time of admission of a new partner, all assets are revalued and any gain or loss on such revaluation is transferred to the Revaluation account. An increase in the value of plant and machinery is recorded by crediting the revaluation account since it is a gain for the firm.

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