CMA Foundation Subjects Joint venture

When transaction relating to joint venture are recorded in the books of venture his share of investment is recorded by-

Where separate set of books are maintained, the ledger account required are-

For material supplied from own stock by any of the venturer, the correct journal entry will be: (In case of separate sets of books)-

For opening Joint Account-

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…….

Which of the following accounting concept is not applicable in case of joint venture?

If Y takes away goods for personal use under memorandum joint venture method then he will debit these goods to-

Joint Venture is short duration partnership.

Which of the following statement is true?

Advise which of the statement is true?

A minor can be a co-venture in joint venture.

Which of the following statement is true?

Which of the following statement is true?

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-

Which of the following statement is NOT TRUE?

Accounting for joint venture is done on liquidation basis.

Which of the following statement is true?

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-

State which of the statement is true?

Which of the following statement is true?

The share profit of the co-venture maintaining all the joint venture transaction in his books is –

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.

Goods costing 10,000 are taken over by X at 20% less. For this transaction …….

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=?

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?