GENERAL ACCOUNTING PRINCIPLES (GENERAL STUDIES) Part-2

26. Separate set of books is maintained and discount is received at the time of purchase of goods then such a discount will be treated as : []

1. (a) Income of joint Venture hence credited venture account
2. (b) Expense of Joint Venture hence debited to joint venture account
3. (c) Will not be recorded in books of account
4. (d) Credited to co venturers account

Correct Answer: (a) Income of joint Venture hence credited venture account