Accounting for a Joint Venture construction project?

Question added by Anil M P , Accounts Manager , Apparel Group - Kuwait
Date Posted: 2014/03/15

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by Yusuf Dalal , General Accountant. , Gmamco Contracting LLC

In a Joint Venture account, all the expenss, Revenues, Purchases have to be directly related to that particular Joint Venture Project and at the end of the project, the balance amount of Profit/(Loss) along with the capital introduce has to be receive back in the partners current account.

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