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Realisation account vs revaluation account
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Answer Posted / nimish bhatia
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 ? | 233 Yes | 29 No |
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