Q..joint venture accounting follows which concept :-
a) accrual cocept
​ b) cash basis
sir please also give adequate justification for both of them.

Dear Student,
We know that joint venture is a short duration business entered into by two or more persons jointly. It is also regarded as temporary partnership between two or more persons without using the firm's name.Such firms do not follow accrual basis of accounting rather cash basis of accounting is followed as going concern assumption is not followed in case of joint ventures. It is the liquidation approach that is followed for recording joint venture accounting.

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