Market Value Adjustment

Revaluation
Revaluation involves increasing the value of an asset to reflect its current market value, where the asset cost account is debited and the revaluation reserve is credited.
Revaluation Account
In a partnership, the revaluation account captures changes in the value of assets and liabilities when a new partner is admitted, or an existing partner exits. It ensures that these adjustments are equitably shared according to the partnership agreement.

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