Memorandum Joint Venture Account is prepared when

Related MCQs

• P and Q are partners sharing profit and loss in the proportion 2:1 in the Joint Venture. P keeps accounts of joint venture. Q gave Rs. 5,000 to P for joint venture business. P prepared accounts and showed profit of Rs. 2,250. P settled Q’s account. In the books of Q, Rs. _______ profit is credited.
• Which of the following statements is/are true? (i) Drawings Account is a Nominal Account (ii) Capital Account is a Real Account (iii) Sales Account is a Nominal Account (iv) Outstanding salaries account is a Nominal Account (v) Patents Account is a Personal Account
• Memorandum Joint Venture Account is prepared to find out
• In Memorandum Joint Venture Account Method, the co-venturer records
• When a complete set of books are maintained for the joint venture and in case where an amount is spent on account of expenses or for purchasing goods for the venture, the entry would be
• What does the balance in Memorandum Joint Venture A/c shows—
• Joint venture account is a
• Joint venture account is in the nature of
• Any bad debt incurred on account of joint venture are debited to
• The following accounts should be opened in the case of separate set of books in Joint Venture Account.