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Question-1
In Joint venture account, if anything each venturer puts into the joint venture. It should be ____________
(A)
Debited
(B)
Credited
(C)
Both debit & credited
(D)
Omitted
Question-2
Each party will maintain only one account called ________________
(A)
Joint venture with name of the other co-ventures Account
(B)
Recording of own joint venture transaction only
(C)
Memorandum joint venture account
(D)
Share of profit or loss
Question-3
Identify the partnership features from the following.
(A)
It is a temporary partnership and comes to an end after the completion of a particular venture
(B)
It is a continuous, and does not end after the completion of a particular job
(C)
It does not require a firm name
(D)
No need for separate book
Question-4
'When Recording of own joint venture transaction only' what entry will you pass for own share of loss calculated by preparing memorandum joint venture Account.
(A)
Joint venture A/C Dr
To Profit & loss A/C
(B)
Profit & loss A/C Dr
To Joint venture A/C
(C)
Cash A/C Dr
To Joint venture A/C
(D)
Joint venture A/C Dr
To Purchase A/C
Question-5
Joint venture agreement is made for the execution of a ______________ venture.
(A)
Specific
(B)
Fixed
(C)
Long term
(D)
Inflexible
Question-6
Recording of Transaction in the Books of one joint venture. Pass the Journal entry for remaining goods taken by other co-ventures.
(A)
Purchases A/C Dr
To Joint venture A/C
(B)
Other co-ventures A/C Dr
To Joint venture A/C
(C)
Joint venture A/C Dr
To Commission A/C
(D)
Other co-ventures A/C Dr
To Cash A/C
Question-7
Identify the Accounting nature of partnership.
(A)
It is done on liquidation basis
(B)
It is done on going concern basis
(C)
Profit / loss are calculated at the end of specific venture
(D)
It does not require a firm name
Question-8
'In separate set of books is maintained' what journal entry will you pass for expenses incurred on account of Joint venture paid through bank?
(A)
Joint venture A/C Dr
To Joint Bank A/C
(B)
Joint venture A/C Dr
To particular co-venture A/C
(C)
Joint Bank A/C Dr
To Joint venture A/C
(D)
Debtors A/C Dr
To Joint venture A/C
Question-9
'In separate set of book is maintained' what journal entry will you pass for Expenses paid by co-ventures?
(A)
Joint Venture A/c Dr
(B)
Debtors A/c Dr
(C)
Joint Bank A/c Dr
(D)
Joint Venture A/c Dr
Question-10
Identify the method of Books for when no separate set of books of accounts are maintained for Joint venture, each venture maintains accounts independently for venture transaction.
(A)
Recording of all joint ventures transaction in the books of all co-ventures
(B)
Recording of the partial Joint venture transaction in the books of all co-ventures
(C)
Memorandum joint venture account
(D)
None of these
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Plus 2 Commerce
ICSE/ISC
Practice in Related Chapters
Partnership Accounts : Distribution of Profits
Goodwill - Concept and Mode its Valuation
Partnership Accounts : Admission of Partner
Capital Adjustment of Change of Profit Sharing Ratio
Admission of a Partner
Final Accounts of Companies
Joint Stock Company Accounts: Issue of Debentures
Cost Accounting An Introduction
Joint Venture Account
Sectional Balancing and Self Balancing System
Ratio Analysis
Cost Accounting Inventory Valuation
Cash Flow Statement
Cost Accounting Cost Sheet
Cash Flow Statement
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