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Cash Flow from Operating Activities-Indirect Method

When A advanc...

Question

When A advances money to B in the course of joint venture then A debits such money to a _________.

A

Joint bank account

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B

Joint venture account

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C

B's personal account

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D

Expenses account

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Solution

The correct option is B Joint venture account
A joint venture is an entity which is created by two or more parties to accomplish a particular project. For this a joint venture account is separately maintained. If any amount is spent for joint venture, this will be debited to joint venture account.

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