Joint Venture（四）.pptVIP

Business Accounting ProjectJoint Venture Fion- Fong Ching Shuen (6) Betty- Leung Ka Yan(15) Irene- Pai Chi Ling(20) Introduction A special type of partnership which two or more people joined together to form a business venture for a short period Small joint ventures – no separate set of books or separate bank account are kept. Background As we know, women like bracelets and others decorations. Thus we choose to form a small joint venture to sell the above goods. Our leased stall is located in Maritime Square Features of our joint venture Our target customers are female All the venturers are female, so we can understand the taste of women Our products are hand-made and diversified, so we can attract different kinds of customers We hire the leased stall, so we need not pay water and electricity bills Details of our joint venture Fion,Betty and Irene entered into a joint venture(FBI Shop) to buy and sell bracelets and others decorations. It was agreed that Irene would be entitled to a commission of 5% on all gross sales made by her, and that the joint venture profits and losses be shared equally. The following transactions took place in 2002 In the books of FionJoint Venture with Betty and Irene In the books of Betty Joint Venture with Fion and Irene In the books of Irene Joint Venture with Betty and Fion Fion , Betty and Irene(FBI Shop)Memorandum Joint Venture Account Question 1 Which of the following are expenses? 1. Delivery Charges 2. Commission 3. Sales Answer. A. 1 B. 1, 2 3 C. 1 2 The answer is Question 1 the answer is... C Delivery charges and Commission Question 2 What is the amount of net profit in FBI Company? A $31,935 B $39,135 C $31,539 The answer is Question 2 the answer is... A $31,935 Question 3What are the sources of goods?  A. Man-made B. Finished Goods C. Both of them The answer is Question 3 the answer is... C