A memorandum joint venture summarises –
A assets and liabilities
B expenses and incomes
C receipts and payments
D all transactions
Recording of transactions in a separate set of book is made
A. when the size of the business is small
B. when double entry system cannot be followed
C. for better financial control
D. when co-venturers are residing at distant places
In a joint venture, valuation of stock is affected –
A. when there is an abnormal loss
B. when insurance claim is received for loss of stock
C. when insurance claim is not received for loss of stock
D. when there is a normal loss