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Which of the following accounts are maintained in the joint venture when separate set of books are maintained (a)Joint bank A/c (b)Joint venture A/c (c)Co-ventruer A/c (d)All of these?
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Which of the following accounts are maintained in the joint venture wh...
Accounts maintained in joint venture when separate set of books are maintained
When a joint venture is entered into, the accounts can be maintained in either of the following ways:
1. Joint Venture A/c maintained in the books of one co-venturer
2. Separate set of books maintained by the joint venture itself
When a separate set of books is maintained, the following accounts are maintained:
(a) Joint Bank A/c
This account is maintained to record all the transactions related to the joint venture bank account. All the receipts and payments made through the joint bank account are recorded in this account.
(b) Joint Venture A/c
This account is maintained to record all the transactions related to the joint venture. All the expenses and revenue generated from the joint venture are recorded in this account.
(c) Co-venturer A/c
This account is maintained to record all the transactions related to each co-venturer. All the contributions made by each co-venturer towards the joint venture are recorded in this account. Additionally, any profits or losses shared by the co-venturer are also recorded in this account.
(d) All of these
Therefore, all of the above accounts are maintained when a separate set of books is maintained by the joint venture itself. These accounts help in keeping track of the financial transactions and ensure that the accounts are accurate and up-to-date.
When a joint venture is entered into, the accounts can be maintained in either of the following ways:
1. Joint Venture A/c maintained in the books of one co-venturer
2. Separate set of books maintained by the joint venture itself
When a separate set of books is maintained, the following accounts are maintained:
(a) Joint Bank A/c
This account is maintained to record all the transactions related to the joint venture bank account. All the receipts and payments made through the joint bank account are recorded in this account.
(b) Joint Venture A/c
This account is maintained to record all the transactions related to the joint venture. All the expenses and revenue generated from the joint venture are recorded in this account.
(c) Co-venturer A/c
This account is maintained to record all the transactions related to each co-venturer. All the contributions made by each co-venturer towards the joint venture are recorded in this account. Additionally, any profits or losses shared by the co-venturer are also recorded in this account.
(d) All of these
Therefore, all of the above accounts are maintained when a separate set of books is maintained by the joint venture itself. These accounts help in keeping track of the financial transactions and ensure that the accounts are accurate and up-to-date.
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Which of the following accounts are maintained in the joint venture when separate set of books are maintained (a)Joint bank A/c (b)Joint venture A/c (c)Co-ventruer A/c (d)All of these?
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Which of the following accounts are maintained in the joint venture when separate set of books are maintained (a)Joint bank A/c (b)Joint venture A/c (c)Co-ventruer A/c (d)All of these? 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 Which of the following accounts are maintained in the joint venture when separate set of books are maintained (a)Joint bank A/c (b)Joint venture A/c (c)Co-ventruer A/c (d)All of these? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of the following accounts are maintained in the joint venture when separate set of books are maintained (a)Joint bank A/c (b)Joint venture A/c (c)Co-ventruer A/c (d)All of these?.
Which of the following accounts are maintained in the joint venture when separate set of books are maintained (a)Joint bank A/c (b)Joint venture A/c (c)Co-ventruer A/c (d)All of these? 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 Which of the following accounts are maintained in the joint venture when separate set of books are maintained (a)Joint bank A/c (b)Joint venture A/c (c)Co-ventruer A/c (d)All of these? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of the following accounts are maintained in the joint venture when separate set of books are maintained (a)Joint bank A/c (b)Joint venture A/c (c)Co-ventruer A/c (d)All of these?.
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