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Partnership accounts

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(Querist)
07 August 2015 What is the difference between Profit and loss Adjustment A/c and Revaluation A/c in case of Reconstitution of a partnership firm.
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Shudhanshu Agrawal

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Shudhanshu Agrawal (Expert)
07 August 2015 Revaluation a/c is a nominal a/c in which revaluation of assets and liabilites are recorded. However, in case of profit & loss adj a/c profit or loss of revaluation is adjusted in the capital or current a/c of partenrs.

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