Practicing Success
Practicing Success
CUET Preparation Today
| Revaluation account or Profit & loss adjustment account is what type of accounts? |
Personal account Real account Nominal account None of these |
| 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. |
