21. What is a "Memorandurandum Revaluation Account"2 State when such a

1.	21. What is a "Memorandurandum Revaluation Account"2 State when such an account is prepared
Answer» Ans :- Memorandum Revaluation Account is when new assets and liabilities are added to the new balance sheet in the older form of assets and liabilities. In this the value of the assets and liabilities are unchanged but the effect is given through the capital account of the partner. Memorandum Revaluation Account is made at the time of initiation and retirement of a firm. The purpose of this account is to: (i) Record the change in the value of assets and liabilities of the firm. (ii) End the changes that occurredearlier.

21. What is a "Memorandurandum Revaluation Account"2 State when such an account is prepared

Answer»

Ans :- Memorandum Revaluation Account is when new assets and liabilities are added to the new balance sheet in the older form of assets and liabilities. In this the value of the assets and liabilities are unchanged but the effect is given through the capital account of the partner.

Memorandum Revaluation Account is made at the time of initiation and retirement of a firm. The purpose of this account is to:

(i) Record the change in the value of assets and liabilities of the firm.

(ii) End the changes that occurredearlier.

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