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A and B started a joint venture. after the sales the unsold stock worth ` 15,000 was taken over by B at a cost of ` 20,000. the amount to be credited to joint venture account will be?
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A and B started a joint venture. after the sales the unsold stock wort...
Solution:
Joint Venture Account
The joint venture account is a nominal account that is prepared to record all the transactions related to the joint venture. The account is prepared by debiting all the expenses incurred and crediting all the incomes earned.
Transfer of Unsold Stock
After the sales of the joint venture, there may be some unsold stock left. In such cases, the unsold stock is either sold to the joint venture partner or taken over by the partner at a cost.
Crediting Joint Venture Account
In the given question, B has taken over the unsold stock worth ` 15,000 at a cost of ` 20,000. This means that B has paid ` 20,000 to the joint venture for the unsold stock. The amount to be credited to the joint venture account will be ` 15,000.
Explanation
The joint venture account is credited with the value of unsold stock taken over by the partner. In this case, the value of unsold stock taken over by B is ` 15,000. Hence, the joint venture account will be credited with ` 15,000.
Conclusion
The amount to be credited to the joint venture account is ` 15,000. It is important to note that the joint venture account is prepared to record all the transactions related to the joint venture. The account is credited with all the incomes earned and debited with all the expenses incurred.
Joint Venture Account
The joint venture account is a nominal account that is prepared to record all the transactions related to the joint venture. The account is prepared by debiting all the expenses incurred and crediting all the incomes earned.
Transfer of Unsold Stock
After the sales of the joint venture, there may be some unsold stock left. In such cases, the unsold stock is either sold to the joint venture partner or taken over by the partner at a cost.
Crediting Joint Venture Account
In the given question, B has taken over the unsold stock worth ` 15,000 at a cost of ` 20,000. This means that B has paid ` 20,000 to the joint venture for the unsold stock. The amount to be credited to the joint venture account will be ` 15,000.
Explanation
The joint venture account is credited with the value of unsold stock taken over by the partner. In this case, the value of unsold stock taken over by B is ` 15,000. Hence, the joint venture account will be credited with ` 15,000.
Conclusion
The amount to be credited to the joint venture account is ` 15,000. It is important to note that the joint venture account is prepared to record all the transactions related to the joint venture. The account is credited with all the incomes earned and debited with all the expenses incurred.
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A and B started a joint venture. after the sales the unsold stock worth ` 15,000 was taken over by B at a cost of ` 20,000. the amount to be credited to joint venture account will be?
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A and B started a joint venture. after the sales the unsold stock worth ` 15,000 was taken over by B at a cost of ` 20,000. the amount to be credited to joint venture account will be? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about A and B started a joint venture. after the sales the unsold stock worth ` 15,000 was taken over by B at a cost of ` 20,000. the amount to be credited to joint venture account will be? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A and B started a joint venture. after the sales the unsold stock worth ` 15,000 was taken over by B at a cost of ` 20,000. the amount to be credited to joint venture account will be?.
A and B started a joint venture. after the sales the unsold stock worth ` 15,000 was taken over by B at a cost of ` 20,000. the amount to be credited to joint venture account will be? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about A and B started a joint venture. after the sales the unsold stock worth ` 15,000 was taken over by B at a cost of ` 20,000. the amount to be credited to joint venture account will be? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A and B started a joint venture. after the sales the unsold stock worth ` 15,000 was taken over by B at a cost of ` 20,000. the amount to be credited to joint venture account will be?.
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