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Question

The transactions regarding transfer of goods from one venturer to another will, under memorandum joint venture account, ________________.


A
affect joint venture account
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B
affect personal accounts
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C
do not affect book-keeping entries
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D
affect P&L A/c
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Solution

The correct option is B do not affect book-keeping entries
Under this method, each co-venturer keeps a record of Joint Venture transactions in which he is involved, i.e., each venturer records in his books only those transactions of joint venture which are related to him. Each party keeps their account in their own books. A venturer will not record the transactions of a co-venturer.

Accountancy

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