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

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

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

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Take Free Practice Test On 2026 JAMB UTME, Post UTME, WAEC SSCE, GCE, NECO SSCE

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

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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