Account
This query is : Resolved
21 June 2013
What is the nature of revaluation account?
Whether it is real, personal or nominal...?????
plzzz answer me
Whether it is real, personal or nominal...?????
plzzz answer me
21 June 2013
Revaluation A/c represent the gain or loss on revaluation. If you have positive revaluation you credit the account and negative / loss revaluation, you debit the account. As a conservative measure, profit is not taken to P/L as it is not realised and may get distributed inadvertently. The loss on the other hand is charged off to P/L.
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