Realisation account vs revaluation account
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Answer Posted / frederick sarpong brent
Revaluation a/c is created when there is a change the
profit and loss sharing ratio. This may be brought about by
any of the following reasons:
- Death of any of the existing partners.
- Admission of new partner.
- When any of the existing partner ceases to be a partner.
- Introduction of additional capital by any of the existing
partners which warrants a change in the profit and loss
sharing ratio.
On the other hand realisation account is created on
dissolution of the partnership. This is done to determine
whether there is profit or loss made at the time of
dissolution
| Is This Answer Correct ? | 33 Yes | 3 No |
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