Partnership a/c = advanced accountancy (ipcc)
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 March 2014
Dear Sir,
Please explain the difference between Realisation A/c and Revaluation A/c i.e when we had to prepare this a/c
Please explain the difference between Realisation A/c and Revaluation A/c i.e when we had to prepare this a/c
Nikhil Kaushik
(Expert)
13 March 2014
Time of preparation
Revaluation accounts is prepared when there is reconstitutions of partnership i.e. new partner.
realisation a/c is prepared when there is dissolution of firm.
Contents
Revaluation a/c records the increase or decrease in the value of assets and Liabilities of the firm.
Realization a/c records sale/disposal of various assets and disposal of liabilities of the firm.
Objectives
Revaluation a/c's objects is to ascertain net profit or loss on revaluation of assets and liabilities.
Realization a/c's object is to find out profit or loss on realisation of assets and payment / disposal of liabilities.
Revaluation accounts is prepared when there is reconstitutions of partnership i.e. new partner.
realisation a/c is prepared when there is dissolution of firm.
Contents
Revaluation a/c records the increase or decrease in the value of assets and Liabilities of the firm.
Realization a/c records sale/disposal of various assets and disposal of liabilities of the firm.
Objectives
Revaluation a/c's objects is to ascertain net profit or loss on revaluation of assets and liabilities.
Realization a/c's object is to find out profit or loss on realisation of assets and payment / disposal of liabilities.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
