Why is Revaluation Account prepared? State any two reasons.
Revaluation Account is prepared:
(i) To determine the Gain (profit)/Loss arising on account of Revaluation of Assets and Reassessment of Liabilities.
(ii) To record the effect of Revaluation of Assets and Reassessment of Liabilities so as to show Assets and Liabilities at their revalued values.
Anurag Pathak Changed status to publish
