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What is Revaluation Account?

Answer»

Revaluation of Assets and Liabilities is done with the Help of a New Account, Called "Revaluation Account". Sometimes this Account is called as "Profit and Loss Adjustment Account". This Account is a Nominal Account in Nature. Therefore, if there is a Loss due to Revaluation, Revaluation Account is Debited and if the Revaluation Results in a Profit, the Revaluation Account is Credited. 



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