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🏫 Board📒 Accountancy

Which is the correct statement, in respect of the Revaluation Account?

Q1

Which is the correct statement, in respect of the Revaluation Account?

a

It is a nominal account, and it is credIted for the decrease in value of an asset.

b

It is a real account, and it is debited for the decrease in value of an asset.

c

It is a real account, and it is credited for the decrease in value of a liability.

d

It is a nominal account, and it is debited for the decrease in value of an asset.

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