Smartindia Classroom
CONTENTS
English
Accountancy
Business Studies
Computer Science
Economics
Back to home
Start Practice
Question-1
Identify the Act of Indian partnership.
(A)
1932
(B)
1953
(C)
1947
(D)
No enactment
Question-2
____________ 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-3
In separate set of Book; method a complete set of ___________ entry books is used for writing up joint venture transactions.
(A)
Single entry
(B)
Double entry
(C)
Triple entry
(D)
No entry
Question-4
Joint venture is also termed as ____________
(A)
Partner
(B)
Co-ventures
(C)
Sole trader
(D)
Inspector
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
Recording of Transaction in the Books of one Joint venture for goods contributed from own stock. 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 A/C
(D)
Joint venture A/C Dr
To other co-venture
Question-7
Identity the Act of Joint venture ?
(A)
1932
(B)
1953
(C)
1947
(D)
No enactment
Question-8
The Accounting treatment in separate set of Books method is similar to that of ___________ transactions.
(A)
Sole trade concern
(B)
Partnership
(C)
Joint stock company
(D)
Private company
Question-9
___________ method is followed when most of the buying and selling on account of joint venture is managed by one co-ventures.
(A)
Separate set of books
(B)
In the books of one joint venture
(C)
All joint ventures
(D)
None of these
Question-10
Debit side of Joint venture with other co-venture A/C's is posted to the _____________ side of memorandum Joint venture Account.
(A)
Debit side
(B)
Credit side
(C)
Both debit & credit
(D)
Omitted
Your Score 0/10
Click
here
to see your answersheet and detailed track records.
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
Powered By
