PPT - Joint Venture Accounting CA Foundation Notes | EduRev

Principles and Practice of Accounting

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CA Foundation : PPT - Joint Venture Accounting CA Foundation Notes | EduRev

 Page 1


 
CPT Section A Fundamentals of Accounting Unit 2 
CA.Gautam Chawla 
Page 2


 
CPT Section A Fundamentals of Accounting Unit 2 
CA.Gautam Chawla 
? Joint Venture 
2 
Ram 
coventurer 
Sham 
Coventurer 
 
Ram has his 
own work 
Sham has his own 
work 
They both enter into a 
venture which is known 
as joint venture 
Page 3


 
CPT Section A Fundamentals of Accounting Unit 2 
CA.Gautam Chawla 
? Joint Venture 
2 
Ram 
coventurer 
Sham 
Coventurer 
 
Ram has his 
own work 
Sham has his own 
work 
They both enter into a 
venture which is known 
as joint venture 
A Joint Venture is a very short duration 
“business” (generally, confined to a single 
transaction, like, buying some surplus 
stores and selling them) entered into by 
two or more persons jointly. Joint Venture 
may be described as a temporary 
partnership between two or more persons 
without the use of the firm name, for a 
limited purpose. 
3 
Page 4


 
CPT Section A Fundamentals of Accounting Unit 2 
CA.Gautam Chawla 
? Joint Venture 
2 
Ram 
coventurer 
Sham 
Coventurer 
 
Ram has his 
own work 
Sham has his own 
work 
They both enter into a 
venture which is known 
as joint venture 
A Joint Venture is a very short duration 
“business” (generally, confined to a single 
transaction, like, buying some surplus 
stores and selling them) entered into by 
two or more persons jointly. Joint Venture 
may be described as a temporary 
partnership between two or more persons 
without the use of the firm name, for a 
limited purpose. 
3 
Venture may be for the construction of 
a building or a bridge, for the supply 
of certain quantity of materials or 
labour and even for the supply of 
technical services. The persons who 
have so agreed to undertake a Joint 
Venture are known as ‘Joint 
Venturers’ or ‘Co-Venturers’.  
4 
Page 5


 
CPT Section A Fundamentals of Accounting Unit 2 
CA.Gautam Chawla 
? Joint Venture 
2 
Ram 
coventurer 
Sham 
Coventurer 
 
Ram has his 
own work 
Sham has his own 
work 
They both enter into a 
venture which is known 
as joint venture 
A Joint Venture is a very short duration 
“business” (generally, confined to a single 
transaction, like, buying some surplus 
stores and selling them) entered into by 
two or more persons jointly. Joint Venture 
may be described as a temporary 
partnership between two or more persons 
without the use of the firm name, for a 
limited purpose. 
3 
Venture may be for the construction of 
a building or a bridge, for the supply 
of certain quantity of materials or 
labour and even for the supply of 
technical services. The persons who 
have so agreed to undertake a Joint 
Venture are known as ‘Joint 
Venturers’ or ‘Co-Venturers’.  
4 
Understand special features of Joint Venture transactions, 
Learn the techniques of preparing Joint Venture Account and 
also the settlement of accounts with the co-venturer(s), 
Familiarise with the use of Memorandum Joint Venture Account, 
Learn the technique of deriving venture profit and its allocation 
among the venturers,  
Distinguish joint venture with partnership. 
5 
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