Valuation Account | Partnership | Valuation Adjustments Example

In this accounting lesson, we explain what the valuation account in a partnership is and why it is done. We go through a full example of how to do the valuation account general ledger, properly closed off/balanced off, in the account of the partnership before a change in the ownership structure of the partnership. We also do general ledger accounts for valuation adjustments of allowance for credit losses, vehicles account, land and buildings account, and machinery general ledger account, and inventory general ledger account.
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[@r.d.m595]

hello sir, for the revaluation account, is it only assets that are recorded or can liabilities be recorded too?