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Question-1
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-2
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-3
Joint venture agreement is made for the execution of a ______________ venture.
(A)
Specific
(B)
Fixed
(C)
Long term
(D)
Inflexible
Question-4
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
Question-5
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-6
What entry shall you pass in the books of the venture recording that transaction, if the supplies from his own stock goods worth Rs 10,000 to the joint venture and incurs Rs 800 as expenses on it ?
(A)
Purchase A/C Dr 10,000
To Joint venture 10,800
To Cash 800
(B)
Bank A/C Dr Rs 10,000
To Joint venture A/C 10,800
(C)
Joint venture A/C Dr 10,800
To Purchase 10,000
To cash 800
(D)
Co-venture A/C Dr 10,800
To Joint venture 10,800
Question-7
'In separate set of book is maintained' what entry you pass for goods supplied by a co-venture from his own stock?
(A)
Joint Bank A/C Dr
To Different co-ventures A/C
(B)
Joint venture A/C Dr
To Joint Bank A/C
(C)
Joint venture A/C Dr
To suppliers A/C
(D)
Joint venture A/C Dr
To particular co-ventures A/C
Question-8
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-9
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
Question-10
Identify the scope of partnership.
(A)
It is limited to specific venture
(B)
It is not limited to specific venture
(C)
Does not require a firm name
(D)
It is temporary partnership and comes to an end ofter the completion of a particular venture
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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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