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Question-1
'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-2
Identity a joint venture from the following?
(A)
It does not require a firm name
(B)
It always used a firm name
(C)
Unlimited to the extent of their business and private estate
(D)
It is not limited to specific venture
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
Co-venture's Account is ____________ account in nature.
(A)
Current Account
(B)
Personal Account
(C)
Nominal Account
(D)
Capital Account
Question-5
'When Recording of own joint venture transaction only' what entry will you pass for when the payment is received from other co-ventures ?
(A)
Profit & loss A/C Dr
To Joint venture A/C
(B)
Cash A/C Dr
To joint venture A/C
(C)
Joint venture A/C Dr
To Cash A/C
(D)
Cash A/c Dr
To Interest A/C
Question-6
In Joint venture Account revenue earned must be ___________ in profit & loss A/C.
(A)
Debit
(B)
Credit
(C)
Both debited & Credit
(D)
Omitted
Question-7
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-8
"When a separate set of Book is maintain" what Journal entry will you pass for the stock remaining unsold on joint venture ?
(A)
Co-ventures A/C Dr
To Joint venture A/C
(B)
Joint venture A/C Dr.
To Each co-venture A/C
(C)
Each co-venture A/C Dr
To Joint venture A/C
(D)
Joint Bank A/C Dr
To particular co-venture A/C
Question-9
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-10
Recording of Transaction in the Books of one Joint venture what will be the entry for the amount of capital contributed by other co-ventures ?
(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 Purchase A/C
(D)
Joint venture A/C Dr
To co-ventures 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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