#IGNOU #BCA #B.COM #BA JOINT VENTURE ACCOUNT OR CREDIT OR DEBIT ACCOUNTS #ARPITASHILPI ACCOUNTANCY-I
Channel: Arpita Shilpi
Date: 12/07/2021

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#arpitashilpi #eco02 #ACCOUNTANCY #JOINT_VENTURE

joint venture accounts :-  A Joint Venture Account is an agreement where two or more parties join to create a partnership for a specific business venture or purpose for a particular period. ... This partnership does not use the name of the company. The profits or losses are shared in the agreed ration.
Features of Joint Venture Accounts
1. Duration: It is formed for a short period of time and thus, may be termed as a temporary partnership.
2. Parties: The persons who come together to run a joint venture are the Co-venturers.
3. Funds: The co-venturers bring the funds for the joint venture account.
4.Sharing of profits or losses: The co-venturers share profits or losses are as per the agreement between them. In the absence of an agreement, they will share it equally.
5. Computation of profits or losses: Usually, the co-venturers compute the profit or loss of the venture on its completion.

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