Maharashtra State BoardHSC Commerce 12th Board Exam
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The Account in Which Banking Transactions of Joint Venture Are Recorded. - Book Keeping and Accountancy

The account in which banking transactions of joint venture are recorded.

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Solution

Joint Bank Account

Explanation:

Joint Bank Account records all the cash and bank-related transactions of a joint venture. It is personal account. All transactions that raise the cash/bank balances are debited, whereas all transactions that reduce the cash/bank balances are credited.

Concept: Meaning and Definitions of Partnership and Partnership Deed
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