CPT Chapter Joint Venture

CA CPT chapter “Joint Venture” explains the concept of a  joint venture and how it differs from a partnership. It deals with the accounting entries depending on whether a separate set of books is maintained for the Joint Venture business or accounting is done in the same set of books.

CA CPT Exam  

With Sheela Warrier.Duration:2hrs 59min

Joint Venture Duration (min:sec)
What is Joint Venture?  
{modal https://www.youtube.com/embed/0yU1z0R2frY?autoplay=1;rel=0|width=780|height=439|title=Introduction}Introduction{/modal} 02:54
{modal https://www.youtube.com/embed/tXTJe-ZsXdA?autoplay=1;rel=0|width=780|height=439|title=What is Joint Venture?}What is Joint Venture?{/modal} 04:19
{modal https://www.youtube.com/embed/0H4wc4WfqSo?autoplay=1;rel=0|width=780|height=439|title=Joint Venture vs. Partnership}Joint Venture vs. Partnership{/modal} 08:11
Joint Venture Accounting-Separate Book  
{modal https://www.youtube.com/embed/3QUSy0tI2Zw?autoplay=1;rel=0|width=780|height=439|title=Methods of JV accounting}Methods of JV accounting{/modal} 10:42
{modal https://www.youtube.com/embed/mMc8544Pr50?autoplay=1;rel=0|width=780|height=439|title=Separate Set of Book}Separate Set of Book{/modal} 05:17
{modal https://www.youtube.com/embed/QQY8-S1KshY?autoplay=1;rel=0|width=780|height=439|title=Accounting Entry Separate Set of Books}Accounting Entry Separate Set of Books{/modal} 11:30
{modal https://www.youtube.com/embed/atxRFCv1Jyg?autoplay=1;rel=0|width=780|height=439|title=Example 1}Example 1{/modal} 13:38
{modal https://www.youtube.com/embed/sPWSTrpHA0w?autoplay=1;rel=0|width=780|height=439|title=Example 2}Example 2{/modal} 07:07
{modal https://www.youtube.com/embed/14Mrh_9fziU?autoplay=1;rel=0|width=780|height=439|title=Summary}Summary{/modal} 04:31
{modal https://www.youtube.com/embed/wCT-Lx_sSQo?autoplay=1;rel=0|width=780|height=439|title=Quiz}Quiz{/modal} 10:37
Joint Venture Accounting-Same Books  
{modal https://www.youtube.com/embed/wCT-Lx_sSQo?autoplay=1;rel=0|width=780|height=439|title=Accounting record all transaction}Accounting record all transaction{/modal} 07:40
{modal https://www.youtube.com/embed/ivyjAznw26k?autoplay=1;rel=0|width=780|height=439|title=Example 1}Example 1{/modal} 10:55
{modal https://www.youtube.com/embed/upaoG7sIZ9Y?autoplay=1;rel=0|width=780|height=439|title=Example 2}Example 2{/modal} 07:32
{modal https://www.youtube.com/embed/clfF6Km2gxQ?autoplay=1;rel=0|width=780|height=439|title=Accounting record own transaction (Memorandum Book)}Accounting record own transaction (Memorandum Book){/modal} 06:02
{modal https://www.youtube.com/embed/LVkBnLH6Es4?autoplay=1;rel=0|width=780|height=439|title=Example1}Example1{/modal} 05:43
{modal https://www.youtube.com/embed/N8fHWsqsvbU?autoplay=1;rel=0|width=780|height=439|title=Example2}Example2{/modal} 12:04
{modal https://www.youtube.com/embed/4QgpaBUYeI4?autoplay=1;rel=0|width=780|height=439|title=Treatment of special Items}Treatment of special Items{/modal} 07:12
{modal https://www.youtube.com/embed/NglCVjHUvrU?autoplay=1;rel=0|width=780|height=439|title=Examples special Items}Examples special Items{/modal} 08:40
{modal https://www.youtube.com/embed/vFIXfMP87fE?autoplay=1;rel=0|width=780|height=439|title=Summary record all transaction vs. Own Transaction}Summary record all transaction vs. Own Transaction{/modal} 09:37
{modal https://www.youtube.com/embed/jjMEcXvNGeI?autoplay=1;rel=0|width=780|height=439|title=Final Quiz}Final Quiz{/modal} 18:18
{modal https://www.youtube.com/embed/H7hSd8PS-TY?autoplay=1;rel=0|width=780|height=439|title=Additional Questions}Additional Questions{/modal} 1:12
{modal https://www.youtube.com/embed/q0ih7baBJD0?autoplay=1;rel=0|width=780|height=439|title=Conclusion}Conclusion{/modal} 05:35
Total 2:59:16

Notes

Few things covered by us:

What is a Joint Venture
Distinction between Joint Venture and Partnership
Accounting for Joint Venture - Separate set of books
Accounting for Joint Venture - Individually
With Memorandum Joint Venture
Without Memorandum Joint Venture

What is Joint Venture

Business of short duration
Short term partnership
Special purpose partnership
Co venturers
Share profit or loss

Separate set of books for Joint Venture

1) Joint Bank a/c - jointly operated account, cash inflows and outflows, closed by transfer to co venturers’ accounts
2) Joint Venture a/c - profit or loss
3) Co Venturers’ Personal accounts - Capital accounts

No separate set of books

1) Keeps record of all transactions in his own books
2) Keeps record of only own transactions in own books
(Memorandum Joint Venture)

Accounting without Memorandum Joint Venture a/c

Joint Venture a/c - nominal a/c
Co Venturers’ a/c - personal a/c

Accounting with Memorandum Joint Venture a/c

Only own transactions
Joint Venture with Co-venturer a/c - personal a/c
Memorandum Joint Venture a/c - a statement
(no double entry)


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