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
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.
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