Question

ch7 Joint venture Accounting
Q. (a)what's the meaning of getting a Debit balance(I.e cr. side is more the Dr. side) in a "joint venturer's " account?

(b)what we should do with the balance?

(c)joint venturer receives or pay the balance???​

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Answer 1

Answer:

a. getting debit balance (I.e cr. side is more than dr.side) means profit in joint venture

b. distribute the profit between

joint venturers there given ratio or if the ratio is not given then distribute the profit in equally between the co-venturers

c. joint ventures receives the balance

Answer 2

Answer:

answer is in the attachment