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P1 C4 RECUSTRUCTION OF PARTNERSHIP — Elements of Account STD 12 Commerce — Question

Gujarat BoardEnglish MediumSTD 12 CommerceElements of AccountP1 C4 RECUSTRUCTION OF PARTNERSHIP1 Mark
Question
What is revaluation account?
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Answer

The book values of assets and liabilities recorded in the books of a partnership firm, When brought at present value, it is called revaluation of assets and liabilities.
A special 'account is opened to record the effects of the revaluation of assets and liabilities is known as 'Revaluation Account'.
Revaluation Account is also known as 'Profit and Loss Adjustment Account'.

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