When there are no separate books maintained for a joint operation, the joint operation's transactions may be summarized in a management account called "Joint Operation"

Accounting Dec 25, 2020

When there are no separate books maintained for a joint operation, the joint operation's transactions may be summarized in a management account called "Joint Operation". Unsold inventory is placed in which side of the Joint Operation T-account?

a. Credit side

b. Debit side

e. Not placed

d. Debit or credit side

Expert Solution

Ans : a) Closing stock Appears on Credit Side ,

When Unsold Stock is Taken by Joint Venture(Say A) :

Purchase Account Dr

To Joint Venture with Other Venturer(Say B) Account

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