Revaluation Account is a/an:
- AReal Account
- BNominal Account
- CPersonal Account
- DCapital Account
Solution & Step-by-step Explanation
Revaluation Account is a Nominal Account. It is prepared to find out the profit or loss arising due to the revaluation of assets and reassessment of liabilities at the time of reconstitution of a partnership firm. The golden rule for nominal accounts applies here: "Debit all expenses and losses, Credit all incomes and gains."