In Memorandum Joint Venture Account Method, the co-venturer records

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 when
• Memorandum Joint Venture Account is prepared to find out
• 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—
• In case of Memorandum Method, when there are three co-ventures, each co-venturer opens in his books for the venture
• In case of memorandum method when there are three co-venturers, each co-venturer opens in its books for the venture
• Which of the following statements is/are true? (i) Cash Book records all cash receipts and cash payments (ii) Cash Book records all sale and purchase transactions of goods both in cash and on credit (iii) Cash Book records discount on Cash Payments
• Joint venture account is a