CA Foundation Exam > CA Foundation Questions > A and B started a joint venture. after the sa...
Start Learning for Free
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?
Most Upvoted Answer
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.
Attention CA Foundation Students!
To make sure you are not studying endlessly, EduRev has designed CA Foundation study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in CA Foundation.
|
Explore Courses for CA Foundation exam
|
|
Similar CA Foundation Doubts
Top Courses for CA FoundationView all
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?
Question Description
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?.
Solutions 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? in English & in Hindi are available as part of our courses for CA Foundation.
Download more important topics, notes, lectures and mock test series for CA Foundation Exam by signing up for free.
Here you can find the meaning of 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? defined & explained in the simplest way possible. Besides giving the explanation of
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 detailed solution 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? has been provided alongside types of 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? theory, EduRev gives you an
ample number of questions to practice 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? tests, examples and also practice CA Foundation tests.
|
|
Explore Courses for CA Foundation exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup