Q15 State which of the statement is true? Select one: a. In Memorandum Joint Venture Account only one venturer’s transaction is recorded b. Memorandum Joint Venture Account is prepared when separate sets of books is maintained c. Memorandum Joint Venture Account is prepared to find out profit on venture d. Memorandum Joint Venture Account is prepared to find out amount due from Co - venturer
Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.
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