What You Will Learn!
- Introduction to Voyage Account
- Meaning of Voyage Account
- Important Terms Relating to Voyage Account
- Voyage : Outward Journey, Inward Journey or Return Journey
- Types of Journey
- Ship
- Period of Voyage
- Port Days
- Cargo
- Hull
- Voyage Account
- Items of Debit Side of Voyage Account
- Items of Credit Side of Voyage Account
- Classification of Voyage
- Complete Voyage
- Incomplete Voyage
- Complete Voyage Account
- Commission Allowed on the Net Profit before/after charging such commission
- Incomplete Voyage Account
Description
Introduction to Voyage Account
Meaning of Voyage Account
Important Terms Relating to Voyage Account
1. Voyage : Outward Journey, Inward Journey or Return Journey
2. Ship
3. Period of Voyage
4. Port Day
5. Cargo
6. Hull
7. Voyage Account
Items of Debit Side of Voyage Account
1. Opening Stock
2. Bunker Cost
3. Port Charges
4. Harbor Wages
5. Stevedoring Charges
6. Depreciation
7. Insurance
8. Postage
9. Standing Charges
10. Address Commission
11. Manager Commission
12. Lighterage Charges
13. Stores Consumed
14. Net Profit
Items of Credit Side of Voyage Account
1. Freight
2. Primage
3. Passage Money
4. Bar sales
5. Saloon Income
6. Closing Stock
7. Net Loss
Classification of Voyage
1. Complete Voyage Account
Commission Allowed on the Net Profit before/after charging such commission
Incomplete Voyage Account
Introduction of Voyage Account : Shipping companies involved in transporting goods from one place to another through sea route. Prepare their account books on the basis of double entry system and at the end of the year prepare profit and loss account and balance sheet like any other company. Along with that they also prepare separate account for calculation of profit or loss on specific voyage which is called voyage account. Voyage account is similar to normal P/L account. Voyage account are usually prepared by those shipping companies which have more than one ship
Travelling of ship with goods and passenger from one port to another is known as Voyage. Voyage are of two types :
When a ship goes from one port to another or from one country’s port to another country’s port that journey is known as outward journey. For example, Voyage from Bombay port to Kolkata port, Voyage from Mumbai port to London Port.
When a ship returns with goods or passenger or both back to its port the journey is said to be inward journey. For example, reaching of the ship to London port and then returning to Mumbai port with goods is known as inward journey.
Who Should Attend!
- Any Student who pursuing in B,com M,com BBA MBA 11th & 12th Commerce C.A. C.S. and C.M.A.
