Question

Revaluation Account is a

• A. Personal A/c
• B. Real A/c
• C. Nominal A/c
• D. None of these

Hint:

Revaluation Account records only gains and losses on revaluation, hence it is always a nominal account.

Answer 1

The Correct Option is C

Step 1: Nature of accounts.
- Personal A/c relates to persons or firms.
- Real A/c relates to assets and properties.
- Nominal A/c relates to incomes, expenses, gains, and losses.
Step 2: Purpose of Revaluation Account.
Revaluation Account is prepared at the time of admission, retirement, or death of a partner to record the revaluation of assets and liabilities.
Step 3: Type of entries.
Revaluation Account records gains (credits) and losses (debits). Since it includes expenses and incomes, it is treated as a nominal account.
Step 4: Conclude.
Therefore, Revaluation Account is a Nominal Account.
Final Answer: \[ \boxed{\text{Nominal A/c}} \]