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Question-1
Identify the separate set of books of partnership.
(A)
It is done on liquidation basis
(B)
There is no need for a separate books
(C)
Profit are calculated at the end of specific venture
(D)
It is imperative to maintain separate permanent books of account for a partnership.
Question-2
'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-3
Recording of Transaction in the Books of one Joint venture. Identify the correct Journal entry for amount paid to other co-ventures.
(A)
Purchase A/C Dr
To Joint venture A/C
(B)
Other co-ventures A/C Dr
To Joint venture A/C
(C)
Other co-venture's A/c Dr
To Cash A/C
(D)
Joint venture A/C Dr
To commission A/C
Question-4
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-5
'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-6
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-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
Recording of Transaction in the Book of one joint venture pass Journal entry for commission due on joint venture.
(A)
Joint venture A/C Dr
To other co-venture A/C
(B)
Joint venture A/C Dr
To Cash A/C
(C)
Cash A/C Dr
To Joint venture A/C
(D)
Joint venture A/C Dr
To Commission A/C
Question-9
"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-10
___________ 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
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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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