Question

write a short note on revaluation account​

Answer 1

Answer:

Revaluation account is a nominal accountprepared 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 a partner ..

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Answer 2

Answer:

Definition: An increase in an asset's value in order to reflect the current market value of the asset. The values of all of a firm's assets must be recognized and documented in their accounts.

Explanation:

Revaluation account is a nominal account 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 a partner ...

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