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Fundamentals of Accounting Joint Venture Meaning CMA Foundation JOINT VENTURE MEANING A joint venture is an agreement between two or more parties to combine their resources for the goal of completing a certain job or transaction. This task could be a new project or a different type of commercial activity. Each partner of a joint venture is liable for the earnings, losses, and expenditures associated with it. The enterprise, on the other hand, is a separate entity from its participants.   JOINT-VENTURE ACCOUNTING Coming to the Joint-Venture accounting, the parties can maintain the records of the joint venture business transactions in different ways, such as:   1)   Entities maintain the records of the joint business transactions, in their own business entity books, and reconcile them with other ventures as and when required, including at the end for final settlement. 2)  SEPARATE SET OF BOOKS OF ACCOUNTS  is maintained for and by the joint venture business including a profit loss accou