When expenses are paid on behalf of the venture, the acco...
When expenses are paid on behalf of the venture, the accounting entries is to debit
Bank account and credit joint venture account
Expenses account and credit bank account
Joint venture account and credit expenses account
Joint venture account and credit bank account
Correct answer is D
Joint venture account is an account that all expenditure incurred for the venture is debited and all income is credited to.
Debit joint venture and credit bank account because expenses incurred on behalf of the venture has to be debited to the joint venture account and since the money is joint out the bank must be credited to balance the account.
\(\begin{array}{c|c} & \text{1st Jan.} & \text{31st Dec.} \\ & ₦ & ₦ \\ creditor...
The double entry principle states that ...
Which of the following is not a source document? ...
\(\begin{array}{c|c} July & 1 & \text{cash in hand, N420, Cash at Bank} & N6,500 \\ &...
Interest on Johnson's drawing is ...
A fixed cost is fixed only in relation to ...
Use the following information to answer the given question. \(\begin{array}{c|c} & Ebrima &...