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Goods costing rs.10000 destroyed by an accident and insurance claim is nil.
a) Rs.10000 will be credited to joint venture account
b) No entry eill be made in the books of joint venture
c) Rs.10000 will debited to joint venture account as loss
d) Rs.8000 will be credited to joint venture account
Correct ans is option 'b'. Can you explain this answer?
a) Rs.10000 will be credited to joint venture account
b) No entry eill be made in the books of joint venture
c) Rs.10000 will debited to joint venture account as loss
d) Rs.8000 will be credited to joint venture account
Correct ans is option 'b'. Can you explain this answer?
Most Upvoted Answer
Goods costing rs.10000 destroyed by an accident and insurance claim is...
Explanation:
When goods costing Rs. 10000 are destroyed by an accident and there is no insurance claim, no entry will be made in the books of joint venture. This is because the loss incurred is not attributable to any specific joint venture partner.
Joint venture is an arrangement between two or more parties to undertake a specific business project or venture. All parties contribute capital and share in the profits and losses of the venture. In case of loss, the loss is shared by all parties in the same ratio as their contribution.
In this case, since there is no insurance claim, the loss of Rs. 10000 is not recoverable. However, this loss is not attributable to any specific partner. Therefore, no entry is made in the books of joint venture. The loss is simply shared by all the partners in the same ratio as their contribution.
Hence, the correct answer is option 'b'.
When goods costing Rs. 10000 are destroyed by an accident and there is no insurance claim, no entry will be made in the books of joint venture. This is because the loss incurred is not attributable to any specific joint venture partner.
Joint venture is an arrangement between two or more parties to undertake a specific business project or venture. All parties contribute capital and share in the profits and losses of the venture. In case of loss, the loss is shared by all parties in the same ratio as their contribution.
In this case, since there is no insurance claim, the loss of Rs. 10000 is not recoverable. However, this loss is not attributable to any specific partner. Therefore, no entry is made in the books of joint venture. The loss is simply shared by all the partners in the same ratio as their contribution.
Hence, the correct answer is option 'b'.
Community Answer
Goods costing rs.10000 destroyed by an accident and insurance claim is...
Goods destroyed are no where recorded in joint venture a/c only sale and goods taken over are recorded
so in this situation there will be no entry
so in this situation there will be no entry
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Goods costing rs.10000 destroyed by an accident and insurance claim is nil. a) Rs.10000 will be credited to joint venture account b) No entry eill be made in the books of joint venture c) Rs.10000 will debited to joint venture account as loss d) Rs.8000 will be credited to joint venture account Correct ans is option 'b'. Can you explain this answer?
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Goods costing rs.10000 destroyed by an accident and insurance claim is nil. a) Rs.10000 will be credited to joint venture account b) No entry eill be made in the books of joint venture c) Rs.10000 will debited to joint venture account as loss d) Rs.8000 will be credited to joint venture account Correct ans is option 'b'. Can you explain this answer? 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 Goods costing rs.10000 destroyed by an accident and insurance claim is nil. a) Rs.10000 will be credited to joint venture account b) No entry eill be made in the books of joint venture c) Rs.10000 will debited to joint venture account as loss d) Rs.8000 will be credited to joint venture account Correct ans is option 'b'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Goods costing rs.10000 destroyed by an accident and insurance claim is nil. a) Rs.10000 will be credited to joint venture account b) No entry eill be made in the books of joint venture c) Rs.10000 will debited to joint venture account as loss d) Rs.8000 will be credited to joint venture account Correct ans is option 'b'. Can you explain this answer?.
Goods costing rs.10000 destroyed by an accident and insurance claim is nil. a) Rs.10000 will be credited to joint venture account b) No entry eill be made in the books of joint venture c) Rs.10000 will debited to joint venture account as loss d) Rs.8000 will be credited to joint venture account Correct ans is option 'b'. Can you explain this answer? 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 Goods costing rs.10000 destroyed by an accident and insurance claim is nil. a) Rs.10000 will be credited to joint venture account b) No entry eill be made in the books of joint venture c) Rs.10000 will debited to joint venture account as loss d) Rs.8000 will be credited to joint venture account Correct ans is option 'b'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Goods costing rs.10000 destroyed by an accident and insurance claim is nil. a) Rs.10000 will be credited to joint venture account b) No entry eill be made in the books of joint venture c) Rs.10000 will debited to joint venture account as loss d) Rs.8000 will be credited to joint venture account Correct ans is option 'b'. Can you explain this answer?.
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