Class/Course - CA - CPC

Subject - Fundamentals of Accounting

Chapter - Joint Ventures


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Q.1 In case of Joint Venture, for purchase of machinery from Joint Bank A/c, in case separate set of books are maintained, the correct journal entry will be:
  Debit Machinery A/c and Credit Joint Bank A/c
  Debit Joint Venture A/c and Credit Joint Bank A/c
  Debit Machinery A/c and Credit Venture’s Capital A/c
  Debit Joint Venture A/c and Credit Machinery A/c