Difference between Revaluation Account and Realization Account ?

1.	Difference between Revaluation Account and Realization Account ?
Answer» Answer: Revaluation Account :- Revaluation account is a nominal account prepared for the purpose of distributing and transferring the PROFIT or loss arising out of increase or decrease in the book value of ASSETS and liabilities of the partnership FIRM at the time of change in profit sharing RATIO, admisson of partner, retirement of partner. Realization Account :- Realization Account is prepared at the time of dissolution of a partnership firm. This account is prepared to know the profit made or loss incurred at the time of dissolution of a firm... In last if TOTAL of credit side exceeds debit side, It means there is profit and that is transferred to partner's capital account.

Answer»

Answer:

Revaluation Account :- Revaluation account is a nominal account prepared for the purpose of distributing and transferring the PROFIT or loss arising out of increase or decrease in the book value of ASSETS and liabilities of the partnership FIRM at the time of change in profit sharing RATIO, admisson of partner, retirement of partner.

Realization Account :- Realization Account is prepared at the time of dissolution of a partnership firm. This account is prepared to know the profit made or loss incurred at the time of dissolution of a firm... In last if TOTAL of credit side exceeds debit side, It means there is profit and that is transferred to partner's capital account.

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