Question

what is the joint venture accounting?​

Answer 1

Answer:

Joint venture account is credited and a bank account or debtor account is debited in case of either cash sale or credit sale. Each co-venturer debits joint venture account and credits personal accounts of other co-venturer on the account of either goods purchased or expensed by other co-venturers.

Answer 2

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Joint venture account is credited and personal account of others co-venturer account is debited in case of sale made by other co-venturers. ... Balance in the joint venture accounts represents profit or loss and later that amount of profit or loss will be transferred to the personal accounts of co-venturers.

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