Joint Venture Quiz

Joint Venture can be explained as

• A long term partnership
• temporary partnership established to achieve specific purpose

to Find out Profit or loss of Joint Venture, Which Account is prepared?

• Joint Venture Account
• Profit and Loss Account
• Partnership Account

Which of the following activities is appropriate for Joint Venture Business?

• Medical Store

• Construction of Bridge

• Cloth Shop

• Cement Agency

What will be the entry when goods are purchased for Joint Venture?

• Joint Venture Dr. To Cash
• Cash Dr. to Joint Venture

When the expenses are paid by other co venturer, What will be the Journal Entry?

• Joint Venture Dr. To Cash
• Cash Dr. to Joint Venture
• Joint Venture A/c Dr. to Co-Venturer A/c
• Co-Venturer A/c Dr. to Joint Venture A/c

Which act applies to Joint Venture Business?

• Companies Act
• Partnership Act
• Joint Venture Act
• None of the above

A and B entered into Joint Venture. B gives Rs. 45,000 to A. To Which Account the entry will be done in the books of B?

• A A/c
• B A/c
• Joint Venture A/c

Joint Venture Account is similar to

• Trading A/c
• Profit and Loss Account
• Both
• None of the above

Which of the following types by which the transactions of Joint Venture are recorded?

• When separate books are kept
• when separate books are not kept
• Both

When independent books of accounts are maintained for Joint Venture Business, the expenses paid for Joint Venture are recorded in

• Credited to Joint Bank Account
• Credited to expenses Account
• Debited to Joint Bank Account