Ah, revaluation is when the partnership continues, so you adjust assets and liabilities in the *revaluation account* before the new partner comes in. Realisation is for dissolving the firm, so you record the sale of all assets in the *realisation account*. The journal entries... ha, I'm mixing them up in my notes here, just like I mixed up the sugar and salt while studying yesterday. My Amma scolded me, but then brought me a perfect glass of *mosambi juice* to clear my head.
#life#career
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