Home Mock test for CS Foundation Fundamentals of Accounting & Auditing CMA foundation-Joint venture

CMA foundation-Joint venture


Joint Venture is a temporary form of business organization.

Accounting Entries
There may be three ways of maintaining the books of account for the joint venture business. They are:
(a) Where separate books of accounts are maintained
(b) Where no separate books of accounts are maintained
(c) Memorandum Joint Venture.


MCQ's in joint venture

Subject :- Fundamentals of Accounting & Auditing

Chapter :- Joint venture – Test 1

Questions :- 25


The basic features of a Joint Venture business are :
(i) It is done for a specific purpose and hence has a limited duration.
(ii) The partners are called co-venturers.
(iii) The profit or loss on joint venture is shared between the co-venturers in the agreed ratio.
(iv) The co-venturers may or may not contribute initial capital.
(v) The JV is dissolved once the purpose of the business is over.
(vi) The accounts of the co-venturers are settled immediately on dissolution.
(vii) A joint venture has no name.

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