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 Audit interview questions  Audit Interview Questions (422)
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 Accounting General interview questions  Accounting General Interview Questions (2781)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4351)
Question
REALISATION ACCOUNT VS REVALUATION ACCOUNT
 Question Submitted By :: Dr. R.srinivasan
I also faced this Question!!     Rank Answer Posted By  
 
  Re: REALISATION ACCOUNT VS REVALUATION ACCOUNT
Answer
# 1
whenever any change takes place in the profit sharing ratio
of a partnership firm, the assets n liabilities are
revalued on that date n for that purpose recaluation acc is
opened..... whereas realisation acc is opened wen the firm
is dissolved.. it takes into acc the book value on that
date of the assets n liab n their value realised.... n
hence the net loss/profit is distributed
 
Is This Answer Correct ?    167 Yes 20 No
Nimish Bhatia
 
  Re: REALISATION ACCOUNT VS REVALUATION ACCOUNT
Answer
# 2
revaluation means modify the value when the partnership
ratio will change, it may be admission of new partner or
retirement of existing partner or death of
partner.........whereas realisation is opened when the
company is fully dissolved, that time realisation will
calculate.
 
Is This Answer Correct ?    75 Yes 36 No
P.muthuvel
 
 
 
  Re: REALISATION ACCOUNT VS REVALUATION ACCOUNT
Answer
# 3
realisation is opened when the
company is fully dissolved, that time realisation will
calculate.whereas revaluation means modify the value when
the partnership ratio will change, it may be admission of
new partner or retirement of existing partner or death of
partner.........
 
Is This Answer Correct ?    55 Yes 13 No
P.muthuvel, S/o A.palanisamy,
 
  Re: REALISATION ACCOUNT VS REVALUATION ACCOUNT
Answer
# 4
The above said answers are correct. And the realisation
account also calculated at the time of analysing that the
business is going with profit or not? what will be the
value of the company in this present day market?

what am saying is correct or not. any correction in this
regard, i will accept, pls tell me.
 
Is This Answer Correct ?    25 Yes 21 No
Sri
 
  Re: REALISATION ACCOUNT VS REVALUATION ACCOUNT
Answer
# 5
when the firm is dissolved the books of the firm is to be
closed.. this is done by preparing an account
called "REALISATION A/C"

revaluation is the valuation of assets&liabilities at the
time of constitution of the partnership firm..
 
Is This Answer Correct ?    33 Yes 13 No
V.aishwarya
 
  Re: REALISATION ACCOUNT VS REVALUATION ACCOUNT
Answer
# 6
When the firm is dissolved,all the books of accounts are
closed.Books of accounts can be close only if all the
Assets are realised and all the liabilities are paid
off.for this purpose,a "realisation A/C"is opened
 
Is This Answer Correct ?    25 Yes 7 No
Jifan
 
  Re: REALISATION ACCOUNT VS REVALUATION ACCOUNT
Answer
# 7
Revaluation account first of all is a nominal account
carring only increase and decrease in the value of assets
and liabilities from last balance sheet date to up to
date.It is revalued at the time when there is change in
profit sharing ratio between existing partners or when new
partner is admitted into the partnership firm or when any
one or more partner desire to retire from the partnership
firm or at the time when any one of the exiting partner get
expire.
Whereas Realisation account is prepare at the time of
dissolution of partnership firm when no one partner desire
to run the firm anymore.So they simply, prepare the
realisation account in which they transfer the book value
of all assets and liabilities except cash.By transfering
the values of different assets and liabilities the curtail
their operation of partnership business.Thankyou
 
Is This Answer Correct ?    48 Yes 6 No
Arvind Singh
 
  Re: REALISATION ACCOUNT VS REVALUATION ACCOUNT
Answer
# 8
realisation a/c is created at the time of dissolution
revalution a/c is created at the time of
admission,retairment etc...
 
Is This Answer Correct ?    25 Yes 5 No
Ashwitha
 
  Re: REALISATION ACCOUNT VS REVALUATION ACCOUNT
Answer
# 9
Revaluation a/c is created when there is a change the
profit and loss sharing ratio. This may be brought about by
any of the following reasons:
- Death of any of the existing partners.
- Admission of new partner.
- When any of the existing partner ceases to be a partner.
- Introduction of additional capital by any of the existing
partners which warrants a change in the profit and loss
sharing ratio.
On the other hand realisation account is created on
dissolution of the partnership. This is done to determine
whether there is profit or loss made at the time of
dissolution
 
Is This Answer Correct ?    17 Yes 2 No
Frederick Sarpong Brent
 
  Re: REALISATION ACCOUNT VS REVALUATION ACCOUNT
Answer
# 10
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 ?    19 Yes 1 No
Wasim Shaikh
 

 
 
 
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