What is revolution account and realisation account

Dear Student, Revaluation Account is a nominal account prepared to record the effect of change in the value of assets and liabilities of a partnership firm and transfer the profit / loss arising on revaluation of assets and reassessment of liabilities to the existing partners capital or current accounts on account reconstitution of partnership firm. However, Realisation account is acertain the net profit or loss from selling of assets and free from liabilities of the firm Regards

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