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Question-1
____________ method is also known as Joint Banking method.
(A)
Separate sets of Books
(B)
Books of one joint venture
(C)
Books of all joint venture
(D)
Cost sheet
Question-2
'In separate set of books is maintained' what journal entry will you pass for cash sales deposited into joint bank account?
(A)
Joint Bank A/C Dr
To Joint venture A/C
(B)
Particular co-venture A/C Dr
To Joint venture A/C
(C)
Debtors A/c Dr
To Joint venture A/C
(D)
Joint venture A/C Dr
To Joint Bank A/C
Question-3
Identify the Number of partner / members in the partnership.
(A)
Limited to 20 in ordinary business
(B)
No limit
(C)
More than 30
(D)
20 in banking business
Question-4
Identify the joint venture freedom of other trade from the following.
(A)
Do not enjoy the freedom to undertake business of similar nature competing the firm
(B)
Enjoy the freedom to have simultaneously independent business of similar nature
(C)
Unlimited to the extend of their business
(D)
None of these
Question-5
"When a separate set of Book is maintain" what Journal entry pass for payment of the amount due to co-ventures ?
(A)
Joint Bank A/C Dr
To particular co-ventures A/C
(B)
Co-ventures A/C Dr
To Joint venture A/C
(C)
Particular co-ventures A/C Dr
To Joint Bank A/C
(D)
Debtors A/C Dr
To Joint venture A/C
Question-6
Recording of Transaction in the Books of one Joint venture for goods purchased for Joint venture. Identify the correct Journal entry.
(A)
Cash A/C Dr
To other co-ventures A/C
(B)
Joint venture A/C Dr
To cash A/C
(C)
Joint venture A/C Dr
To purchases
(D)
Joint venture A/C Dr
To Other co-venture
Question-7
Identify the calculation of profit / loss of partnership from the following.
(A)
The profit / losses are calculated at the end of specific venture
(B)
The profit / losses are calculated on an annual basis
(C)
It is limited to specific venture
(D)
None of these
Question-8
In separate set of books is maintained, what entry shall you pass for amount contributed by co-ventures deposited into bank.
(A)
Different co-ventures A/C Dr
To Joint bank A/C
(B)
Joint Bank A/C Dr
To Different Co-venture A/C
(C)
Joint venture A/C Dr
Joint Bank A/C
(D)
Joint venture A/C Dr
To Co-venture A/C
Question-9
The word 'Memorandum' represent
(A)
There is a need to follow rules of double entry system
(B)
There is no need to follow rules of double entry system
(C)
It should follow the partnership Act
(D)
None of these
Question-10
When Recording of own joint venture transaction only. What will be the entry for interest and commission due to oneself?
(A)
Cash A/C Dr
To Joint venture A/C
(B)
Joint venture A/C Dr
To Interest and commission A/C
(C)
Interest and commission A/C Dr
To Joint venture A/C
(D)
Joint venture A/C Dr
To Cash A/C
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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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