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Question-1
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-2
P and Q entered into a joint venture on 1st July 2008 'P' purchased goods costing Rs 40,000 and sent them to 'Q' who incurred Rs 10,000 as expenses and sold the goods for Rs 50,000 settlement was made on 30.11.2008. How much did 'P' got from 'Q' ?
(A)
Rs 10,000
(B)
Rs 20,000
(C)
Rs 30,000
(D)
Rs 40,000
Question-3
Recording of Transaction in the Books of one Joint ventures for goods taken into joint venture from other ventures. Identify the correct Journal entry.
(A)
Joint venture A/C Dr
To Cash A/C
(B)
Joint venture A/C Dr
To purchase A/C
(C)
Joint venture A/C Dr
To other co-venture A/C
(D)
Joint venture A/C Dr
To Cash A/C
Question-4
In Joint venture Account the expenses incurred are ____________ in profit & loss Account.
(A)
Debited
(B)
Credited
(C)
Both debit & Credit
(D)
No entry
Question-5
'When Recording of own joint venture transaction only' what entry shall you pass for on purchases of goods or expenses paid by one self ?
(A)
Joint venture Account Dr
To Cash A/C
(B)
Joint venture A/C Dr
To Joint venture Account
(C)
Cash A/C Dr
To Joint venture Account
(D)
Joint venture A/C Dr
To Interest A/C
Question-6
'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-7
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
Question-8
In Joint venture A/C, its debit side of joint venture exceeds the credit side, the result shall be _____________
(A)
Profit
(B)
Loss
(C)
No loss No Gain
(D)
None of these
Question-9
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-10
Recording of Transaction in the Books of one joint venture pass the entry for remaining stock taken by working partner.
(A)
Purchase A/C Dr
To Joint venture A/C
(B)
Other co-venture A/C Dr
To Joint venture A/C
(C)
Joint venture A/C Dr
To commission A/c
(D)
No entry
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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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