Joint Venture-Test 5

In a J.V. between A & B; if B is to be given a salary for J.V. work, he will credit:

When the record of transactions relating to joint venture are made in the books of one party, then the venturer recording the transactions records his share of investment by

If X advances money to Y in the course of Joint venture them X debit such money to which of these accounts

If X advances money to Y in the course of Joint venture them X debit such money to which of these accounts

If Y takes away goods for personal use under memorandum joint venture method then he will debit these goods to the following accounts in his books

Cash contributed by the Co-venturers is debited to which account

When purchases are made for the joint venture out of joint bank account, the ___________ account is debited

Joint venture is a _______ partnership.

Expenses incurred by co-ventures are debited to __________ Account

If the expenses of joint venture are paid by a co-venturer, then _______ account is debited.

When goods are taken away by the co-venturer maintaining account regarding joint venture, the ______ account is debited.

The account opened in the books of X, who is in joint venture with Y under memorandum joint venture method, is headed as _______ account.

Joint venture is an agreement between the consignor and consignee

Joint venture is a temporary partnership

Joint venture comes to an end as soon as the particulars venture is over.

A Co-venture is an agent of all other co-ventures

When a separate set of books is maintained, the co-ventures invariably open a Joint Bank Account.

Maintenance of separate books of accounts is compulsory in a joint venture business.

Discount on discounting a Bills Receivable is not debited to Joint Venture Account

Joint venture is very short duration business mainly confined to single deal entered into by two or more persons jointly.

A co-venture is governed by an Act known as the Indian Co-venture ship Act,1932

The co-venture are required to share expenses incurred on the venture in equal.

Co-venturers always share profits equally.

There is no difference between Joint Venture Account and Memorandum Joint Venture Account.

When the record of transactions relating to joint venture is made by one of the co-ventures, then the personal account opened in the name of a co-venturer discloses the profit or loss on joint venture

When Mr. X spends Rs. 500 on account of Joint Venture, Joint Banking account will be credited if separate set of books are maintained.

Z is allowed interest by X, Joint venture account will be debited by X, in case Memorandum method is being followed.

In case of separate set of Books Method of Joint Venture, expenses paid by a co-venturer are credited to Joint Bank Account.

The goods supplied from his stock at cost by the co-venturer maintaining the accounts are credited to Sales A/c.

Memorandum Joint Venture Account is prepared to find out the amount due from the Co-venturer.