Multiple choice

The venturer records the transactions of his own only, when

  1. separate sets of books are maintained

  2. books are maintained by one of the venturers

  3. books are maintained by all the venturers

  4. memorandum venture account is prepared
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

When the venturer records his own transaction only, memorandum account is prepared. When separate set of books are maintained, only one set is maintained separately. In some cases, any one venturer maintains the whole books and in others, the books are maintained by each venturer.

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