__________ Account will be opened when the assets and liabilities are revalued, revised values are not to be shown in the books of accounts.

Question

Fill in the Blanks:

__ Account will be opened when the assets and liabilities are revalued, revised values are not to be shown in the books of accounts.

Answer 1

Memorandum Profit and Loss Adjustment Account will be opened when the assets and liabilities are revalued, revised values are not to be shown in the books of accounts.