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A joint venture company is a partnership limited to a particular venture, does not make use of a firm’s name, all the parties agreeing to contributing capital towards the venture and to share the profit or losses.
Joint ventures accounts can be handled in two ways namely:
To treat the joint venture as a separate set of books where the transactions are recorded like as if it is a partnership
OR
No separate set of books is opened to record the transaction. Each party to record his own transactions in his own books
Each co-venture records his own transactions only, which is known as memorandum joint venture method.
