Question

To ascertain profit or loss on retirement / death of a partner _____________ is prepared.

• A. realization a/c
• B. profit and loss a/c
• C. revaluation a/c
• D. profit and loss adjustment a/c

Answer 1

The correct option is C revaluation a/c

Revaluation a/c is to be prepared for shown or to calculate retirement and death of partners so this separate revaluation a/c is used. profit and loss account is use for the income and gain of all partners.