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In a joint venture where separate books are maintained, which account records the profit or loss of the venture?
  • a)
    Joint bank account
  • b)
    Co-venture account
  • c)
    Joint venture account
  • d)
    Personal account
Correct answer is option 'C'. Can you explain this answer?
Most Upvoted Answer
In a joint venture where separate books are maintained, which account ...
The joint venture account records all expenses and revenues related to the venture, showing whether the venture made a profit or loss by comparing the debit and credit sides.
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In a joint venture where separate books are maintained, which account records the profit or loss of the venture?a)Joint bank accountb)Co-venture accountc)Joint venture accountd)Personal accountCorrect answer is option 'C'. Can you explain this answer?
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