What is mean by revalution account

Revaluation account is a type of nominal account which shows profit or loss at the end. It is prepared at the time of admission of a new partner, retirement of a partner, death of a partner and change in profit sharing ratio of partners.This account is prepared to calculate profit or loss incurred during period from the date of last prepared final accounts and date of any above given situation like admission of partner. Any increase in value of assets, decrease in value of liabilities and unrecorded assets is to be recorded on credit side of revaluation account and decrease in value of assets, increase in value of liabilities and unrecorded liabilities are to be recorded on debit side of revaluation account. In last this account is to be balanced if debit side exceeds credit side this shows loss on revaluation and if credit side exceeds debit side this shows profit on revaluation, profit or loss on revaluation is to distributed amongst the partner in their old profit sharing ratio. Important this account is prepared when book value of assets and liabilities are to be changed.