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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;rel=0|width=780|height=439|title=Introduction}Introduction{/modal} 02:54
{modal;rel=0|width=780|height=439|title=What is Joint Venture?}What is Joint Venture?{/modal} 04:19
{modal;rel=0|width=780|height=439|title=Joint Venture vs. Partnership}Joint Venture vs. Partnership{/modal} 08:11
Joint Venture Accounting-Separate Book  
{modal;rel=0|width=780|height=439|title=Methods of JV accounting}Methods of JV accounting{/modal} 10:42
{modal;rel=0|width=780|height=439|title=Separate Set of Book}Separate Set of Book{/modal} 05:17
{modal;rel=0|width=780|height=439|title=Accounting Entry Separate Set of Books}Accounting Entry Separate Set of Books{/modal} 11:30
{modal;rel=0|width=780|height=439|title=Example 1}Example 1{/modal} 13:38
{modal;rel=0|width=780|height=439|title=Example 2}Example 2{/modal} 07:07
{modal;rel=0|width=780|height=439|title=Summary}Summary{/modal} 04:31
{modal;rel=0|width=780|height=439|title=Quiz}Quiz{/modal} 10:37
Joint Venture Accounting-Same Books  
{modal;rel=0|width=780|height=439|title=Accounting record all transaction}Accounting record all transaction{/modal} 07:40
{modal;rel=0|width=780|height=439|title=Example 1}Example 1{/modal} 10:55
{modal;rel=0|width=780|height=439|title=Example 2}Example 2{/modal} 07:32
{modal;rel=0|width=780|height=439|title=Accounting record own transaction (Memorandum Book)}Accounting record own transaction (Memorandum Book){/modal} 06:02
{modal;rel=0|width=780|height=439|title=Example1}Example1{/modal} 05:43
{modal;rel=0|width=780|height=439|title=Example2}Example2{/modal} 12:04
{modal;rel=0|width=780|height=439|title=Treatment of special Items}Treatment of special Items{/modal} 07:12
{modal;rel=0|width=780|height=439|title=Examples special Items}Examples special Items{/modal} 08:40
{modal;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;rel=0|width=780|height=439|title=Final Quiz}Final Quiz{/modal} 18:18
{modal;rel=0|width=780|height=439|title=Additional Questions}Additional Questions{/modal} 1:12
{modal;rel=0|width=780|height=439|title=Conclusion}Conclusion{/modal} 05:35
Total 2:59:16


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)

CPT Exam Exposure

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next to Bills of Exchange and Promissory Notes

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