Joint Venture MCQ
Joint Venture MCQ
COM (SEM-I)
Subject: FINANCIAL ACCOUNTING & COSTING
QUESTION BANK
JOINT VENTURE ACCOUNTS
1 Which of the following activities are appropriate for joint venture business ? A
[A] Construction of a river bridge [B] Cloth Shop
[C] Medical Shop [D] BCC Cement Agency
2
C
13 In the joint venture of X Y and Z, Mr. Z takes back motor lorry of Rs 1,50,000 at
Rs. 1,20,000. Then, Loss of Rs 30,000 will be -------------?
[A] debited to Joint Venture A/c [B] credited to Joint Venture A/c
[C] not be recorded [D] none of these
14 In the Joint Venture of A and B, they deposited contribution in joint bank A/c Rs D
50,000 each. What will be the effect from following?
[A] Joint Venture A/c Dr to Joint Bank A/c
[B] Joint Bank A/c Dr to Joint Venture A/c
[C] Co ventureres A/c Dr to Joint Bank A/c
[D] Joint Bank A/c Dr to Co ventureres A/c
15 For final settlement payment to co venturer, -------------- A/c is debited and ------- C
-------- A/c is credited?
[A] Joint bank A/c will be debited and Joint Venture A/c will be credited
[B] Joint Venture A/c will be debited and Joint bank A/c will be credited
[C] Coventurer’s A/c will be debited and Joint Bank A/c will be credited
[D] Joint Bank A/c will be debited and Coventurer’s A/c will be credited
3 P.T.O.