18 December 2009
P&L Adjustment A/c is used for revaluation of assets and liabilities. P&L Appropriation A/c is used for distribution of profit and crediting reserves.
18 December 2009
Thank you very much for your response sir.
In case an asset is revalued upwards we debit the concerned asset and credit revaluation reserve account. When does P & L Adjustment account come into picture?
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