Joint Bank Account 🍯

Purpose: To keep Joint Venture funds separate from personal funds of partners. It ensures transparency.

Operation:

• Opened in the name of the Venture (e.g., "A & B Joint Venture").
• Operated jointly (Signatures of both A and B required).
• All Capital goes in here.
• All Expenses are paid from here.
• All Sales Proceeds are deposited here.

The Flow of Money 💸

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Closing the Account: At the end, after paying back capital and profit, the balance must be Zero. If there is a balance left, you made a mistake in calculation!

Quiz Time! 🎯

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💡 Final Wisdom: "Trust is good, but a Joint Bank Account is better. It prevents one partner from running away with the money!" 🏃‍♂️💰

Next up: Memorandum Joint Venture - The most popular exam topic! 📝