Realisation account vs revaluation account
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Answer Posted / wasim shaikh
Revaluation account is prepared when partners are decided
to chage their profit sharing ratio as well as when new
firm takes the assets and liabilites or old firm at
different rate then effect of that valuation will be shown
under the revaluation a/c. As revaluatin account is nominal
account any decrease in the value of assets or increas in
the value liabilities will be shown at debit side of
revaluation account and any increase in the value of assets
or decrease in the value of liabilities will be recordet at
credit side of revaluation account. It does mean that new
firm ready to keep the old assets in new firm but at
different rates.
Realisation account is prepared when old firm
sell their business that is sell their assets and
liabilities to limited company.
This is also nominal account
| Is This Answer Correct ? | 27 Yes | 4 No |
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