What are the two types of losses of goods in Joint venture Account.

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
• A and B enter into a joint venture sharing profit and losses in the ratio of 3:2. A purchased goods costing `2,00,000. B sold 95% goods for ` 2,50,000. A is entitled to get 1% commission on purchase and B is entitled to get 5% commission on sales. A drew a bill on B for an amount equivalent to 80% of original cost of goods. A got it discounted at `1,50,000. What is A's share of profit?
• 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
• L of Lucknow consigned goods costing ` 60,000 to A of Allahabad at an invoice price bearing 331/3 % mark up on the cost price. Goods costing ` 15,000 were damaged in the transit and the insurance company admitted the claim in full. Expenses incurred by the consignor on loading and transportation of the goods amounted to ` 1,800. The consignee incurred ` 200 on cartage and ` 6,000 as Godown Rent and sold 2/3 of the goods received by him at the invoice price. He is entitled to 5% normal commission and 2.5% del credere commission. Find the value of goods sold
• Memorandum Joint Venture Account is prepared when
• Joint venture account is a
• Joint venture account is in the nature of
• In Memorandum Joint Venture Account Method, the co-venturer records
• Memorandum Joint Venture Account is prepared to find out