With the help of these NCERT Solutions you can easily grasp basic concepts better and faster. Click on my you tube channel Sanjeev Sukrail Accounts Short type Questions and Answers 1 . Differentiate between Revaluation and Realization account Ans. Revaluation Account Realisation Account It is prepared to show assets and liabilities in the books at their revised values. liabilities in the books at their revised values. liabilities in the books at their revised values. It is prepared at the time of change in profit sharing ratio among the existing partner, admission, retirement and death of a partner. This account may be prepared at a number of times during the life of a firm. This account records only those assets and liabilities whose book values have been changed · It is prepared to ascertain profit or loss on sale of assets and repayment of Liabilities. · It is prepared at the time of disso
