When a separate set of books is kept for the joint Venture, the commonly accounts maintained are

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.
• 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
• The following accounts should be opened in the case of separate set of books in Joint Venture Account.
• Which of these accounts are not opened in a joint venture
• Which of these accounts are not opened in a joint venture:
• 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
• A few errors committed in Ahhiwalia's books of account are given below. State which errors would affect the Trial Balance. (a) Sales of `950 to Ram completely omitted from books of account (b) Purchases of `720 from Shyam entered in the purchases journal as `700 (c) Purchases Journal is overcast by `1,000 (d) Sales returns journal is undercast by `200 (e) Amount paid to Agarwal wrongly posted to the debit to Mittal's account (f) Bank overdraft shown under debit column in the Trial Balance (g) Sales of `500 to Sadiq entered in sales journal as sales to Mushtaq (h) Wages paid for installation of machinery debited to wages account
• What does the balance in Memorandum Joint Venture A/c shows—
• Loss on Joint venture is —