Accounting For Ventures / Joint Venture Accounts Learning Objectives: Define and explain the terms consignment, consignor and consignee. What is the difference between consignment and sale? Make journal entries in the books of consignor and that of consignee. Prepare consignment account and consignee’s account
Joint Venture Accounts
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