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Realisation account vs revaluation account
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Answer Posted / arvind singh
Revaluation account first of all is a nominal account
carring only increase and decrease in the value of assets
and liabilities from last balance sheet date to up to
date.It is revalued at the time when there is change in
profit sharing ratio between existing partners or when new
partner is admitted into the partnership firm or when any
one or more partner desire to retire from the partnership
firm or at the time when any one of the exiting partner get
expire.
Whereas Realisation account is prepare at the time of
dissolution of partnership firm when no one partner desire
to run the firm anymore.So they simply, prepare the
realisation account in which they transfer the book value
of all assets and liabilities except cash.By transfering
the values of different assets and liabilities the curtail
their operation of partnership business.Thankyou
| Is This Answer Correct ? | 98 Yes | 12 No |
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