Question

which account is prepared for revaluation of assets and liabilities when revised figure are not recorded in the books of partnership firm? a) revanue account b) realisation account c) memorandum revaluation account d) revaluation account
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Answer 1

Answer:

(c) MEMORANDUM REVALUTION ACCOUNT

Explanation:

Particulars Rs. 2. When revised values not to be recorded in the books. When the partners agree to show the assets and liabilities in the new Balance Sheet at their old figures, then "Memorandum Revaluation Account" is opened instead of Revaluation Account.