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What is revaluation account?
revalutation account is opened to record the revaluation of assets and liabilities.the profit or loss arising because of revaluation is transfered to old partners capital account in their old profit sharing ratio. Companies from time to time check the values of assets and liabilities for there book values and if there is some changes in book values of assets and liabilities that revaluations are made through revaluation account which are later charge to profit and loss account or transferred to reserve account.
Is revaluation account a real account?
yes
What is difference between revaluation account and realization account?
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 is the revaluation expense account?
Revaluation account is the account which is used to revaluate the assets and liabilities in business from time to time to find the actual value of assets and liabilities shown in balance sheet.
Is revaluation account a real account or nominal account?
When a company (or any legal entity) is of the opinion that the value of an asset has appreciated (or) depreciated much than the recorded historical value, revaluation of asset is undertaken. This necessitates us to create an account known as "revaluation A/c". It is understood that, the outcome of revaluation may be a gain (or) loss. As per Golden rule of Accounting, revaluation a/c is a nominal a/c since the a/c measures the gain (or) loss of the asset.
What is revaluation account?
revalutation account is opened to record the revaluation of assets and liabilities.the profit or loss arising because of revaluation is transfered to old partners capital account in their old profit sharing ratio. Companies from time to time check the values of assets and liabilities for there book values and if there is some changes in book values of assets and liabilities that revaluations are made through revaluation account which are later charge to profit and loss account or transferred to reserve account.
Is revaluation account a real account?
yes
What is difference between revaluation account and realization account?
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 is the revaluation expense account?
Revaluation account is the account which is used to revaluate the assets and liabilities in business from time to time to find the actual value of assets and liabilities shown in balance sheet.
Is revaluation account a real account or nominal account?
When a company (or any legal entity) is of the opinion that the value of an asset has appreciated (or) depreciated much than the recorded historical value, revaluation of asset is undertaken. This necessitates us to create an account known as "revaluation A/c". It is understood that, the outcome of revaluation may be a gain (or) loss. As per Golden rule of Accounting, revaluation a/c is a nominal a/c since the a/c measures the gain (or) loss of the asset.
What is revaluation of fixed assets?
Revaluation is the upward or downward adjustment in the value of a fixed asset to account for major changes in its fair market value. FASB does not allow upward revaluation.
Can revaluation reserve be use for bonus issue?
Yes it can use any of the capital reserves for the purpose, like Share Premium Account, Capital Redemption Reserve & Revaluation Reserve...
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 an account opened by two people?
Joint account.
A personal account cannot be opened in?
One place in which a personal account cannot be opened is the Reserve Bank of India.
In case of amalgamation of partnership firms any profit and loss on revaluation is transferred to accounts in ratio?
in ratio of their capital account
How does someone close there bank account if they are under the age of 18 and will they need the parent that opened the bank account with them when they go to close it?
Most likely, the parent who opened the account is the custodian of the account and is technically the only person who can make major changes, including closing the account. Therefore, the parent who opened the account will need to visit a local branch to close the account.
