BL-ACTG-6482-LEC-1933T ACCOUNTING FOR SPECIAL TRANSAC

Question 1
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A and B purchased a piece of land for Php 20,000 and sold it for Php 60,000
in 2011. Originally A had contributed Php 12,000 and B Php 8,000. What will
be the profit on venture?

Select one:
a. Nil
b. 20, 000 pesos
c. 60, 000 pesos
d. 40, 000 pesos
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Question 2
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Which of the following statement is true?

Select one:
a. Only one venturer bears the risk
b. In joint venture, provisions of partnership act applies
c. Only one venturer can purchase the goods
d. Only one venturer can sell the goods
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Question 3
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A and B enter into a joint venture to underwrite the shares of K Ltd. K Ltd
make an equity issue of 100,000 equity shares of Php 10 each. 80% of the
issue was subscribed by the public. The profit sharing ratio between A and B is
3:2. The balance shares not subscribed by the public, purchased by A and B in
profit sharing ratio. How many shares to be purchased by A?

Select one:
a. 72,000 shares
b. 8,000 shares
c. 80,000 shares
d. 12,000 shares
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Question 4
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A purchased goods costing Php 42,500. B sold goods costing Php 40,000 at
Php 50,000. Balance goods were taken over by A at same gross profit
percentage as in case of sale. The amount of goods taken over will be:

Select one:
a. 3, 125 pesos
b. 3, 000 pesos
c. None
d. 2, 500 pesos
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Question 5
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For material supplied from own Inventories by any of the venturer, the correct
journal entry will be: (In case of separate sets of books).

Select one:
a. Joint Venture A/c will be debited and Venturers Capital A/c will be credited
b. Joint Bank A/c will be debited and Joint Venture A/c will be credited
c. Joint Venture A/c will be debited and Material A/c will be credited
d. Joint Venture A/c will be debited and Joint Bank A/c will be credited
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Question 6
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For opening Joint Bank account, in case of separate sets of books:

Select one:
a. Joint Bank A/c will be debited and Joint Venture A/c will be credited
b. Joint Venture A/c is debited and Joint Bank A/c will be credited
c. Venture A/c will be debited and Venturers A/c will be credited
d. Joint Bank A/c is debited and Venturers Capital A/c is credited
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Question 7
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For purchase of plant from Joint Bank Account, in case separate sets of books
are maintained, the correct journal entry will be:

Select one:
a. Plant A/c will be debited and Joint Bank A/c will be credited
b. Joint Venture A/c will be debited and Plant A/c will be credited
c. Joint Venture A/c will be debited and Joint Bank A/c will be credited
d.

Plant A/c will be debited and Venturers Capital A/c will be credited
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Question 8
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M and N enter into a Joint venture where M supplies goods worth Php 6,000
and spends Php 100 on various expenses. N sells the entire lot for Php 7,500
meeting selling expenses amounting to Php 200. Profit sharing ratio is equal.
N remits to M the amount due. The amount of remittance will be:

Select one:
a. 7, 300 pesos
b. 6, 100 pesos
c. 6, 700 pesos
d. 6, 400 pesos
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Question 9
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Which of the following statement is true?

Select one:
a. In case of separate sets of books method of Joint Venture, co-venturer’s
contribution of goods is debited in Joint Bank A/c
b. Co-venturer’s contribution in cash is debited in Venturer’s personal account
c. Contract money received is credited to Joint Venture Account
d. Discount on discounting of B/R is debited to Venturer’s personal account
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Question 10
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A and B enter into a joint venture to underwrite shares of K Ltd. K Ltd make an
equity issue of 200,000 equity shares. 80% of the shares underwritten by the
venturer. 160,000 shares are subscribed by the public. How many shares are to
be subscribed by the venturer?

Select one:
a. 40,000 shares
b. 36,000 shares
c.

Nil
d. 32,000 shares
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