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Pls helppp ...... regarding joint venture

Minaz (Article) (76 Points)

27 February 2012

how to audit a joint venture? what are the important points to focus on?

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ROSHAN BHARTIA (ACCOUNTANT AND CA ARTICLE) (2250 Points)
Replied 27 February 2012

FIRST U CHECKED THE JOINT VENTURE AGREEMENT JOINT VENTURE IS SHORT DURATION BUSINESS, CHECK THE TERM AND CONDITION WHAT TYPES OF GOODS, PROFIT SHARING RATIO OF PARTNERS OF JOINT VENTURE ACCORDING TO DEED,THEN ASSET LIABILITIES , REGARDING CREDITORS DEBTORS AGAINST EACH OTHER

ROSHAN BHARTIA (ACCOUNTANT AND CA ARTICLE) (2250 Points)
Replied 27 February 2012

CHECK THE ENTRIES OF BOOKS , EXPENSES ARE BORNE BY PARTNERS OR COMMISSION'S ON SALES OR PURCHASING OF GOODS , CHECK WHETER TH BUSINESS IS COMPLETED IN TIME OR NOT , EXPENSES ARE REALTED TO THAT PERIOD INCOMES ARE WELL RECOGINED OR NOT IN JOINT VENTURES AGREEMENT.