Joint Venture MCQ

F.Y.B.
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 Which of this is not a feature of a Joint Venture ? A

[A] Continuing Business [B] No Firm Name
[C] Partners called co-venturer [D] Partnership for limited purpose
3 Which of the following accounts is not required to be opened in case of separate C

books for joint venture business are kept?
[A] Joint Venture Account [B] Joint Bank Account
[C] Memorandum Joint Venture Account [D] Partner’s Capital Account
4 Bonds of Rs. 3,00,000 are received against work done in joint venture business A
and they are sold for Rs. 2,70,000, then Rs ---------------- is recorded on debit
side
of Joint Venture A/c.
[A] Rs. 30,000 [B] Rs. 2,70,000
[C] Rs. 3,00,000 [D] None of the above
5 Anil and Sunil entered into Joint Venture. Anil gives Rs.60,000 to Sunil. To B
which account this transaction will be recorded in the books of Anil ?
[A] Joint Venture Account [B] Sunil’s Account
[C] Expense A/c [D] None of these
6 Tom and Jerry are partners sharing profit and loss in the proportion 2:1 in the C
Joint Venture. Tom keeps accounts of joint venture. Jerry gave Rs. 5,000 to
Tom for joint venture business. Tom Prepared accounts and showed profit of
Rs. 2,250. Tom settled Jerry’s account. In the books of Jerry, Rs.-------Profit
is credited.
[A] Rs. 2,250 [B] Rs. 1,500 [C] Rs. 750 [D] Rs. 5,750
1 P.T.O.
7 Mr White, a Co-venturer, paid carriage Rs 20,000. Then, in Books of Accounts C
-------will be debited and ------- will be credited.
[A] Carriage A/c, Mr White’s A/c [B] Carriage A/c, Joint Venture A/c
[C] Joint Venture A/c, Mr White’s A/c [D] Joint Venture A/c, Joint Bank A/c
8 In the joint venture of A and B the goods were sold for Rs. 90,000. Which A
account will be debited and which account will be 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 Venture A/c will be credited
[D] Sales A/c will be debited and Joint Venture A/c will be credited
9 In the joint venture of Ramesh and Suresh purchased goods worth Rs. 35,000 and B
incurred expenses of Rs. 12,000. Then -------- A/c will be debited and -------- A/c
will be credited?
[C] Coventurer’s A/c will be debited and Joint Venture A/c will be credited
[D] Sales A/c will be debited and Joint Venture A/c will be credited
10 In the joint venture of Black and White, Carriage and other expenses of Rs. B
20,000 were borne by Mr. White, Then Mr White Account will be ------------------
?
[A] debited [B] credited [C] no effect [D] none of these
11 Das and Bose, the contractors undertake jointly to build a company. They D
received agreed price of Rs. 10,00,000 payable as to Rs. 8,00,000 by installment
in cash and Rs. 2,00,000 in equity shares.
Joint Venture Account will be ------------------- by Rs ----------------------?
[A] debited by Rs 8,00,000 [B] credited by Rs 8,00,000
[C] debited by Rs 10,00,000 [D] credited by Rs 10,00,000
12 In the joint venture of Das and Bose, Das taken up Shares of Rs 2,00,000 at Rs A
1,60,000. Then the loss of Shares will be ---------------?
[A] debited to Joint Venture A/c [B] credited to Joint Venture A/c
[C] not be recorded [D] none of these
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?
[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.

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F.Y.B.

2 Which of this is not a feature of a Joint Venture ? A

3 Which of the following accounts is not required to be opened in case of separate C

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