Accounting for Special Transactions – Joint Ventures 0 Accounting for Special Transactions - Joint Ventures 1 / 30 Q.30 Joint venture is a _________ partnership. voluntary compulsory Permanent temporary 2 / 30 Q.29 Partners in ________ called co-venturers. partnership firm Joint venture Joint company Sole trading concern 3 / 30 Q.28 Joint venture may also be called as a _______ partnership. Unlimited Limited Unrestricted Restricted 4 / 30 Q.27 Bills drawn for Joint venture and it is discounted by Co-venturer, the amount discount is ultimately debited to ______ A/c. Coventurer's Joint venture Discount Joint bank 5 / 30 Q.26 When Goods of joint venture are sold by agent, amount of sales is debited to _______ A/c. Joint Venture Co-venturer's Agent's Joint Bank 6 / 30 Q.25 Expenses of Joint venture business are debited to _______. Joint Venture A/c Joint Bank A/c Co-venturer's A/c Debentures A/c 7 / 30 Q.24 Goods brought into the joint venture by co-venturer from his own stock is debited to ________. Joint venture A/c Joint Bank A/c Co-venturer's A/c Cash A/c 8 / 30 Q.23 Joint venture A/c is a ______. Bank A/c Personal A/c Real A/c Nominal A/c 9 / 30 Q.22 Initial capital contributed by co-venturer's A/c is debited to ________A/c. Joint venture Capital Joint Bank Co-venturer's 10 / 30 Q.21 Unsold stock of joint venture taken over by co-venturer is credit to _______. Coventurer's A/c Joint Venture A/c Stock A/c Joint Bank A/c 11 / 30 Q.20 When two of more persons undertook business activity for short period is known as ___________. Sole trading conern Joint stock company Joint venture Partnership firm 12 / 30 Q.19 If some expenses are met directly by co-venturers ____________ account is debited. Co ventures Joint Bank Joint venture Partners Capital 13 / 30 Q.18 In the absence of an agreement the profit of loss on joint venture will be __________ by co-venturers. In agreed ratio equally in capital ratio in intial proportion 14 / 30 Q.17 Joint venture runs for a ___________ duration. Medium Term Longer Very long short 15 / 30 Q.16 The joint venture does not have _________ name. Organisation Firm Business None 16 / 30 Q.15 When other co- venturers supply goods, their personal account will be ________. Debited Credited Credited Deducted 17 / 30 Q.14 Co venturers share profit of losses in the _________ ratio. Agreed Equal capital Proportaionately 18 / 30 Q.13 The liability of co-venturers is _______. Unlimited Limited Restricted Unrestricted 19 / 30 Q.12 The co-venturers open a __________ account with heir bank. Joint Bank Joint venture Partners Capital Co ventures 20 / 30 Q.11 When unsold stock is taken over by co-venturers ___________ account is credited. Co ventures Joint Bank Joint venture Partners Capital 21 / 30 Q.10 A credit balance of joint venture account indicates ___________. Expenses Income Profit Loss 22 / 30 Q.9 Expenses incurred by co-venturers are debited to _________ account. Co ventures Joint Bank Joint venture Partners Capital 23 / 30 Q.8 A debit balance of joint venture account indicates _________. Expenses Income Profit Loss 24 / 30 Q.7 A joint venture is a __________ partnership. Permanent Temporary Mutual Casual 25 / 30 Q.6 The co-venturers agrees to contribute __________ required to the business. Loan Skill Capital Cash 26 / 30 Q.5 When co-venturers decides to maintain a separate set of accounts books, they open a ___________ account with their bank. Joint Bank Joint venture Co-venturers None 27 / 30 Q.4 Joint venture is not a _________ partnership. Permanent Temporary Mutual Casual 28 / 30 Q.3 the bank account maintains in the same set of books is called as is terminable in nature joint bank account co-ventures same sets of books with own transactions only 29 / 30 Q.2 Which is the true statement ? Memorandum joint venture account is prepared to find out profit on venture Memorandum joint venture account is prepared to find out amount due from co-venture Memorandum joint venture account is prepared when separate sets of books are maintained Memorandum joint venture account only one venture's transactions is recorded 30 / 30 Q.1 For material supplied from own stock by any of the venturer,the correct journal entry will be: in case of separate sets of books) joint.venture account will be debited and Venture's capital account will be credited joint.venture account will be debited and joint bank account will be credited joint.venture account will be debited and material account will be credited joint.bank account will be debited and joint venture account will be credited Your score is LinkedIn Facebook Twitter VKontakte