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What Is Joint Venture Account? |
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Answer» This account represents the results of the business, that is, PROFIT or loss. This account is debited by the cost of goods, expenses,goods SUPPLIED by the ventures etc and are CREDITED by sale PROCEEDS, unsold STOCK, stock taken by ventures etc. This account represents the results of the business, that is, profit or loss. This account is debited by the cost of goods, expenses,goods supplied by the ventures etc and are credited by sale proceeds, unsold stock, stock taken by ventures etc. |
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