Write the natur of revaluation account
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Revaluation Account refer to that account which is prepared at the time of reconstitution of firm to know the profit and loss on revaluation of assets and liabilities.
Nature of revaluation are
1/Two sides.))... Revaluation Account has two sides. one is debit side and other is credit side.
2/prepared by partnership firm..
Revaluation Account is prepared by partnership firm at the time of reconstitution of firm to know the profit and loss on revaluation of assets and liabilities.
3/ debit side is loss.)) and credit side profit)) Revaluation Account has two sides one is debit side and other is credit side. debit side records all the asset which value is deceased after revaluation and all liabilities which value is increasing after revaluation thus dr. side if increases result to loss. Oj the other hand if credit side increase then it is profit bcx it record all assets which value increases after revaluation and all liabilities which value is decreases after revaluation.
:)
Nature of revaluation are
1/Two sides.))... Revaluation Account has two sides. one is debit side and other is credit side.
2/prepared by partnership firm..
Revaluation Account is prepared by partnership firm at the time of reconstitution of firm to know the profit and loss on revaluation of assets and liabilities.
3/ debit side is loss.)) and credit side profit)) Revaluation Account has two sides one is debit side and other is credit side. debit side records all the asset which value is deceased after revaluation and all liabilities which value is increasing after revaluation thus dr. side if increases result to loss. Oj the other hand if credit side increase then it is profit bcx it record all assets which value increases after revaluation and all liabilities which value is decreases after revaluation.
:)
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