DIFFERNCE BETWEEN REVALUATION A/C AND MEMORANDUM REVALUATION A/C :

Revaluation account	Revaluation account
(i) Revaluation account is prepared to find out the profit or loss on revaluation of assets and liabilities which appear in the new balance sheet at the revalued figures.	(i) Memorandum revaluation account is also prepared to record the effect of revaluation of assets and liabilities but they are recorded at their old figures in the new balance sheet.
(ii) Revaluation account is not divided in parts. The profit or loss of goes to old partners only.	(ii) Memorandum revaluation account has two parts. The profit or loss of first part goes to old partnerswhile the profit or loss of the second part goes to all the partners including the new partner.