Question

Q40) Which of the following account is not opened under Joint Venture Accounts?

(A) Joint Bank Account (B) Joint Venture Account

(C) Co-venture‟s Account (D) Stock reserve account



Q41) A and B entered into joint venture. A gives Rs. 60,000 to B. To which account this

transaction will be recorded in the books of A?

(A) Joint-Venture Account (B) B‟s Account

(C) Expenses Account (D) None of these​

Answer 1

Answer:

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(D) Stock reserve account

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(D) None of these

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Answer 2

Answer: The correct answers are (A) and (B).

Explanation:

Joint venture is a business agreement between two or more parties to work together and share the costs, profits, and risks associated with a specific project. In joint ventures, various accounts are opened to record the transactions and financial activities of the venture.

The account that is not opened under Joint Venture Accounts is option (A) Joint Bank Account. Joint bank accounts are opened by two or more individuals to operate a bank account together, but they are not necessarily in a business partnership.

In the given question, when A gives Rs. 60,000 to B for a joint venture, this transaction will be recorded in the books of A as B's Account. This is because A is giving money to B, and B is receiving it. This transaction does not affect the Joint Venture Account because it is not related to any expenses or revenue generated by the venture.

Therefore, the correct answers are (A) Joint Bank Account is not opened under Joint Venture Accounts, and (B) B's Account is used to record the transaction when A gives Rs. 60,000 to B for a joint venture.

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