IGNOU BCOC 131 2026 2027 - Explain the separate set of books method for maintaining joint venture

Question

Explain the separate set of books method for maintaining joint venture
accounts.

05 Aug 2026

Answer :

Word Count : 504

The separate set of books method is one of the methods used for maintaining accounts of a joint venture. Under this method, a separate set of books is opened exclusively for recording all transactions relating to the joint venture. This method is generally adopted when the joint venture is large, involves substantial transactions, or is expected to continue for a considerable period. The books are maintained separately from the individual books of the co-venturers. Under this method, a separate Joint Venture Account is prepared to ascertain the profit or loss arising from the venture. A separate Cash or Bank Account is also maintained to record all receipts and payments relating to the joint venture. In addition, personal accounts of the co-venturers are opened in the joint venture books to record the amounts contributed by them and the amounts payable to or receivable from them. When a

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