Question

Why is revaluation account is prepared

Answer 1

Explanation:

for uses ...............

Answer 2

Answer:

Revaluation account is a nominalaccount prepared for the purpose of distributing and transferring the profit or loss arising out of increase or decrease in the book value of assets and/ or liabilities of the partnership firm at the time of Change in profit sharing ratio,admission of a partner, retirement of apartner ..

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