Multiple choice

What is the journal entry in case of separate sets of books, when loss is the result of the venture?

  1. Dr. Loss a/c & Cr. Joint Venture a/c

  2. Dr. Joint Venture a/c & Cr. Loss a/c

  3. Dr. Co - Venturers a/c & Cr. Joint Venture a/c

  4. Dr. Joint Venture a/c & Cr. Co - Venturers a/c
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

 Accounting entry for loss :Co-Ventures Account    Dr              To Joint Venture a/c  

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