Joint Venture Accounts are maintained in the books of one of the Joint-venturist.

X spends a sun of Rs.10000 on account of joint venture. What will be the journal entry for this transaction, in case the records of Joint Venture are being maintained in the books of X.

asked Apr 14, 2016 in Joint Ventures by PARDEEP (12 points) 86 views

1 Answer

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In the Books of X the journal entry will be:

Joint Venture A/c      Dr.  10000

   To Cash/Bank A/c                       10000

(Amount being spent on the behalf of Joint Venture)
answered Apr 14, 2016 by jbsclasses (3,805 points)