Question

In case of purchase of machinery in joint venture through joint bank A/c, while separate set of books is maintained. Which of the following is the correct entry:
a) Debit machinery, creditjoint bank A/c
b) Debit machinery, credit joint venture A/c
c) Debit Joint venture, credit joint bankA/c
d) Debit Joint venture A/c, Credit machinery A/c

Answer 1

a)Debit Machinery ,credit joint bank a/c