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difference between realisation and revaluation

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difference between realisation and revaluation

Posted by Saima Mumtaz 6 years, 2 months ago

CBSE > Class 12 > Accountancy

1 answers

Yogita Ingle 6 years, 2 months ago

<th>Basis for Comparison</th> <th>Revaluation Account</th> <th>Realisation Account</th>

Meaning	Revaluation account is an account prepared to ascertain the variation in the values of the assets and liabilities of the firm.	Realisation account is an account prepared to ascertain the net profit or loss on the sale of assets or discharge of liabilities.
Comprise of	Only those assets and liabilities which are revalued.	All the assets and liabilities.
Preparation	At the time of reconstitution.	At the time of dissolution.
How many times it can be prepared?	It can be prepared at various events during the life of the firm.	It can be prepared only once, i.e. when the firm is dissolved.
Accounting entries	Based on the difference in the book value and the revalued amount of assets and liabilities.	Based on the book value of assets and liabilities.
Remaining balance	Transferred to the capital account of old partners.	Transferred to the capital account of all partners.

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CBSE > Class 12 > Accountancy

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CBSE > Class 12 > Accountancy

0 answers

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