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Revaluation account and Realisation account both are nominal account.
the purpose of revaluation account is taking the effect of fluctuations in asset & liabilities in their books while purpose of realisation account is to closing the books of accounts of a comapany or a firm.
Revaluation a/c is made when any fluctuation in value of an asset takes place.
realisation a/c is made at the time of liquidation of a company or a firm.
What else can I help you with?
What is the difference between revaluation Surplus and revaluation Reserve?
Fundamentally, a revaluation surplus and a revaluation reserve is the same. A revaluation reserve is a revaluation surplus obtained from evaluation.
The difference between recognition and realization?
Realization: when sold and coverted to cash (or claims to cash) Recognition: when recorded in the financial statements.
What is the difference between the two sides of an account called?
Account Balance
How can i prepare realisation account?
To prepare a realization account, start by listing all the assets and liabilities of the partnership or business being dissolved. Record the sale proceeds of assets on the credit side and any liabilities settled on the debit side. The difference between the total credit and debit will represent the profit or loss from the realization of assets. Finally, transfer the net result to the partners' capital accounts according to their profit-sharing ratio.
What is The Difference between total debits and credits to an account called?
The Account balance.
What is the difference between revaluation Surplus and revaluation Reserve?
Fundamentally, a revaluation surplus and a revaluation reserve is the same. A revaluation reserve is a revaluation surplus obtained from evaluation.
What is the difference between A current account and a cheque account?
what is difference between a current account and a cheque account
The difference between recognition and realization?
Realization: when sold and coverted to cash (or claims to cash) Recognition: when recorded in the financial statements.
What is the difference between the financial account and the current account?
They are the same.
Difference between demat account and bank account?
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What is the difference between the two sides of an account called?
Account Balance
What is the difference between person fund vs account fund?
The difference between person fund and account fund is that a person fund is transferred to the recipient in person, while the account fund is transferred to the account of the recipient.
How can i prepare realisation account?
To prepare a realization account, start by listing all the assets and liabilities of the partnership or business being dissolved. Record the sale proceeds of assets on the credit side and any liabilities settled on the debit side. The difference between the total credit and debit will represent the profit or loss from the realization of assets. Finally, transfer the net result to the partners' capital accounts according to their profit-sharing ratio.
What is The Difference between total debits and credits to an account called?
The Account balance.
Difference between receipts and payments account and income and expenditure account?
what is the different between error of transposition and casting
What's one difference between a checking account and a savings account?
savings account earns interest.
What is the main difference between trade discount and cash discount?
The main difference between, cash discount is shows in account book but tradediscount does not show in account book.
