Learning Objectives: Prepare journal entries and joint venture accounts in the books of parties doing joint venture business. How to solve a joint venture problem. Problem 1 – Journal Entries, Joint Venture Account Co-venturer Accounts: A and B were partners in a joint venture
Joint Venture Accounting
A Joint Venture Account has two natures it is a Profit and Loss Account relating to the Joint Venture. It also acts as a Debtor or Credit.
Joint Venture Accounting Questions and Answers: Learning Objectives: Answers of some important joint venture questions. Theoretical Questions: Define a “joint venture”. What are the different methods of recording transactions relating to joint venture? Differentiate between “joint venture” and “consignment”. What is memorandum joint venture