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I sometimes get confused in Revaluation …

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I sometimes get confused in Revaluation A/c with Realisation A/c. Could anybody give a brief explanations on the concepts of these accounts how to use them?

Posted by Sarita Neupane 6 years, 4 months ago

CBSE > Class 12 > Accountancy

3 answers

Preeti Sihag 6 years, 4 months ago

Simply revaluation a/c in made when partnership is dissolved and realsation a/c is made when firm is dissolved...

Sobit . 6 years, 4 months ago

Revelation a/c is prepared in following case 1. Change in profit sharing ratio among the existing partners 2. Admission of partner 3. Retirement and death of partner 4. Amalgamation of partnership firm (but covered in 12th standard) And in short any change in continuing partnership Any change in value of assets and liabilities Realisation a/c is prepared for dissolution of firm i.e firm would not be work in future Realisation of assets and paid of liability

Rohit Jaiswal 6 years, 4 months ago

Revaluation a/c is made when change in the value of assets and liabilities and Realisation a/c is made when business come to an end then firm assets is sold out and firm liabilities are paid off.

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