JAMB UTME - Commerce - 2015 | Green Bridge CBT

Question 1 Report

The business organization established mainly for the purpose of carrying out specific assignment for a specific duration is a

Partnership

Company

Joint venture

Co-operative society

Answer Details

A Joint Venture is a business organization established mainly for the purpose of carrying out a specific assignment for a specific duration. It is a type of partnership in which two or more companies come together to work on a project or to offer a service. The companies involved in a joint venture share the profits and losses and work together towards a common goal. The joint venture is usually formed for a limited period of time and is dissolved after the project is completed.

₦	₦
Capital 8000	Plant and machinery5000
Net profit 4000	Motor Van 4500
Drawings 200	Stock 2000
Creditors 2000	Debtors 1000
Accurals 300	Banks 100
	Cash 600
14100	14100

Name	Insure amount	Actual value	Actual loss
Mr A	30,000	100,000	40,000
Mr B	40,000	120,000	50,000
Mr C	50,000	15,000	70,000

Opening stock	1800
Purchases	2800
Sales	800
Closing stock	800
Carriage on sale	500

₦	₦
Capital 8000	Plant and machinery 5000
Net profit 4000	Motor van 4500
Drawings 200	Stock 2000
Creditors 2000	Debtor 1000
Accruals 300	Bank 100
	Cash 600
14100	14100






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