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When expenses are paid on behalf of the venture, the accounting entries is to debit

Accounts - Principles of Accounts
JAMB 2023

When expenses are paid on behalf of the venture, the accounting entries is to debit

  • A. expenses account and credit bank account
  • B. bank account and credit joint venture account
  • C. joint venture account and credit bank account
  • D. joint venture account and credit expenses account
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Correct Answer: Option C
Explanation

Expenditure paid on bahalf of joint venture
Accountint entries:
Dr: Joint venture account
Cr: Bank account

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WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
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Your School's Whatsapp Group - Join Us now
Your School's Whatsapp Group - Join Us now
WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts