Practicing Success
Revaluation Account or Profit and Loss Adjustment A/c is which type of account? |
Real Account Personal Account Nominal Account Asset Account |
Nominal Account |
Revaluation account is opened by the firm to record the gains and losses arising from revaluation of assets and reassessment of liabilities at the time of reconstitution of the firm. Hence, the output is either a profit or a loss, so it is a nominal account. |