A joint venture income statement outlines the income ad expenditure of a joint venture business or company. This involves complex calculations as the profit and loss share of each partner has to be calculated according to prior agreements. It must be prepared by a professional after thorough research and it must be absolutely accurate. The document has the value of being a record of finances and can be used as evidence in case of any misunderstandings.
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Sample Joint Venture Income Statement:
The following is the joint venture income statement of Maxim Pvt. Ltd.
Name of joint venture business: Maxim. Pvt. Ltd.
Nature of company: We specialize in making greeting cards with spiritual messages. We are a church organization and we also specialize in creating personalized messages with people’s favorite Bible sayings and the like.
Income statement for the period: 2011 to 2012
Joint venue business owned by: Robert Lytton and Sarah Gilbert
Joint venture income statement submitted on: 4th January 2012
Joint venture income statement prepared by: Sarah Gilbert, Head, Finances, Maxim Pvt. Ltd.
Purpose of joint venture income statement:
- To act as a documental record of the income and expenditure of our joint venture business enterprise.
- To serve as a record of our assets while applying for loans and seeking potential investors and partners.
- To submit to our parent organization, the Church of North America, for annual inspection.
Gross income for the period given: $1 million
- Business Insurance worth: $4 million
- Accident and theft insurance worth: $2 million
Total profit: $ 600000