Accountancy, asked by akshith55, 1 year ago

why do you prepare revaluation account

Answers

Answered by rekha8191p93bn6

0

For this purpose, a 'Revaluation account' is prepared. ... It is debited with the decrease in the value of assets and the increase in the value of liabilities. The balance of this accountshows a gain or loss on revaluationwhich is transferred to the Existing partners' capital account in existing profit sharing ratio.

Previous Question

Next Question

Similar questions

English, 7 months ago

the mad dog ran ......... the river...

Math, 7 months ago

two cones with same base radius 8 cm and height 15 cm are joined together along their bases.Find the surface area of the base so formed.

Social Sciences, 7 months ago

who remarks each shall be rewarded according to his work...

Science, 1 year ago

the longest cell in human body are...

Math, 1 year ago

If a+b=8and ab=15then a cube +bcube...

Chemistry, 1 year ago

The non metal is used for making antiseptic ornaments...

Social Sciences, 1 year ago

What do you know about the background of the Sri Lankan Tamils?

Physics, 1 year ago

A plano convex lens is silvered at its surface the refractive index and radius of curvature of the lens are 3/2 and 30cm respectively then the effective focal length will be...