Interested to Buy Any Domain ? << Click Here >> for more details...
Realisation account vs revaluation account
- 17 Answers
- 95200 Views
- Andhra Bank, I also Faced
- E-Mail Answers
Answer Posted / arvind singh
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 ? | 98 Yes | 12 No |
Post New Answer View All Answers
How to make an adjustment entry for the variation of physical asset Vs book value of asset. For example: As per asset register there are 1000 computers where as 950 computers are available in stores. How to make an adjustment entries for the difference of 50 quantities?
what do u mean by arrear basic or arrear hra?
What is cash clearing account
Expand-------CSNA
What do you mean by custodian/Depository, & what are the different types of Depository? (NSDL/CDSL)
Sales for ABC Company were Rs.150,000 for 2003.The beginning inventory was 30% of the cost of goods sold.The ending inventory was 50% of the beginning invetory.Selling expenses were 10% of sales and absorbed 30% sales.Income taxes were 30% of net income before taxes.
whts is the meaning of over cost and under cost, what is difference ?
wages posted twice what is the entry for that?
You have joined company yesterday then you are Appling B1 visa today. why so urgent.
Two months rent of Rs 25000/- was adjusted in Rental advance account at the time vacating office
What is fixed liabilities
if a person join company on 01-04-04. after 5 year he is resigned on 31-03-09 and date of leaving is 14-04-09. Is he is on under gratuity payable or not? he is completed 5 years on 31-03-09. what is basis on calcultion on final settlement is date of resignation or date of leaving whcih is on 14-04-09.
how to do the finalise of account? what is the step? why we need to do like that?
How does the accounting treatment of a partner's salary differ from that of an employee's salary in a partnership?
fd redeem interest and principal entry in tally
