When expenses are paid on behalf of the venture... - JAMB Accounting 2017 Question
When expenses are paid on behalf of the venture, the accounting entries is to debit
A
bank account and credit joint venture account
B
expenses account and credit bank account
C
joint venture account and credit expenses account
D
joint venture account and credit bank account
correct option: d
Joint venture account is an account that all expenditure incurred for the venture is debited and all income is credited to.
Debit joint venture and credit bank account because expenses incurred on behalf of the venture has to be debited to the joint venture account and since the money is joint out the bank must be credited to balance the account
Debit joint venture and credit bank account because expenses incurred on behalf of the venture has to be debited to the joint venture account and since the money is joint out the bank must be credited to balance the account
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