When transaction relating to joint venture are recorded in the books of venture his share of investment is recorded by-
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Question 2 of 25
2. Question
1 points
Where separate set of books are maintained, the ledger account required are-
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Question 3 of 25
3. Question
1 points
For material supplied from own stock by any of the venturer, the correct journal entry will be: (In case of separate sets of books)-
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Question 4 of 25
4. Question
1 points
For opening Joint Account-
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Question 5 of 25
5. Question
1 points
Rani & Raja come to together and agreed that Rani will purchase the goods and send it to Raja for sale. Raja will get commission plus share in profit up to 20%.This is example of…….
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Question 6 of 25
6. Question
1 points
Which of the following accounting concept is not applicable in case of joint venture?
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Question 7 of 25
7. Question
1 points
If Y takes away goods for personal use under memorandum joint venture method then he will debit these goods to-
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Question 8 of 25
8. Question
1 points
Joint Venture is short duration partnership.
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Question 9 of 25
9. Question
1 points
Which of the following statement is true?
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Question 10 of 25
10. Question
1 points
Advise which of the statement is true?
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Question 11 of 25
11. Question
1 points
A minor can be a co-venture in joint venture.
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Question 12 of 25
12. Question
1 points
Which of the following statement is true?
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Question 13 of 25
13. Question
1 points
Which of the following statement is true?
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Question 14 of 25
14. Question
1 points
If a venture draws a bill on his co-venture and if the drawer discounts the bill with same sets of books maintained, the discounting charges will be brone by-
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Question 15 of 25
15. Question
1 points
Which of the following statement is NOT TRUE?
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Question 16 of 25
16. Question
1 points
Accounting for joint venture is done on liquidation basis.
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Question 17 of 25
17. Question
1 points
Which of the following statement is true?
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Question 18 of 25
18. Question
1 points
If separate sets of books is maintained and supliers grant discount at the time of making the payment for purchase of goods, such discount received will be treated as-
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Question 19 of 25
19. Question
1 points
State which of the statement is true?
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Question 20 of 25
20. Question
1 points
Which of the following statement is true?
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Question 21 of 25
21. Question
1 points
The share profit of the co-venture maintaining all the joint venture transaction in his books is –
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Question 22 of 25
22. Question
1 points
A&B sharing profits & losses in the proportion 2:1 in joint venture. A keeps account of joint venture.B gave 5,000 to A for joint venture business. A prepared accounts and showed profits of 2,250. A settled B’s Account. In the books of B, ______ profits is credited.
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Question 23 of 25
23. Question
1 points
Goods costing 10,000 are taken over by X at 20% less. For this transaction …….
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Question 24 of 25
24. Question
1 points
X & Y entered into joint venture on 1.10.2015 for sale of certain goods. X purchased goods costing 4,00,000 and incurred expenses 60,000. He sold 90% of these goods at 30% over the cost price and selling expanses amounted to 25,000. Sale price of sale from X=?
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Question 25 of 25
25. Question
1 points
A purchased goods costing 1,00,000. B sold the goods for 1,50,000. Profit sharing ratio between A& B equal. What will be the final remittance?
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