CA Foundation Exam > CA Foundation Questions > Which of the following accounts are maintaine...
Start Learning for Free
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?
Most Upvoted Answer
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.
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
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?
Question Description
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?.
Solutions 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? 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 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? defined & explained in the simplest way possible. Besides giving the explanation of
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?, a detailed solution 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? has been provided alongside types of 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? theory, EduRev gives you an
ample number of questions to practice 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? 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