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Revaluation Account or Profit and Loss A...

Revaluation Account or Profit and Loss Adjustment Account is a

A

Real A/c

B

Nominal A/c

C

Personal A/c

D

None of the above

Text Solution

Verified by Experts

The correct Answer is:
B
Nominal A/c
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Arun and Varun are partners sharing profits in the ratio of 4:3. Their Balance Sheet showed a balance of Rs 56,000 in the General Reserve Account and a debit balance of Rs14,000 in Profit and Loss Account. Then now decided to share the future profits equally. Instead of closing the General Reserve Account and Profit and Loss Account, it is decided to pass an adjustment entry for the same. In adjustment entry :