What is the meaning of a voyage account?
Meaning of Voyage Account: The method of accounting followed by shipping companies is known as voyage accounting. Shipping companies prepare their accounts periodically and also prepare the results of each voyage separately. Shipping companies carry goods from one place to another.
How is Commission and brokerage calculated on a voyage account?
Address Commission and Brokerage: This is payable to the brokers and agents who help the shipping company in procurement of cargo, i.e., freight or business. This is calculated at a certain per cent of the freight earned including the primage or surcharge and debited to Voyage Account.
What does it mean to make a voyage profit?
Closing Stocks of Stores, Provisions, Coal, Fuel etc. Generally, voyage profit represents the excess of voyage incomes earned over the expenses incurred for this purpose. But if, however, the voyage is in progress, the incomes and expenses relating to the unfinished voyage are carried forward to the next year.
What are the requirements for a voyage policy?
For a voyage policy to be valid, the vessel transporting the cargo must be in good condition and capable of making the journey, and the vessel’s crew must be competent. Voyage policies generally cover against accidental damage and collisions as well as natural disasters. Losses due to delays may be covered as well.
How is a voyage account like a profit and loss account?
Voyage account is similar to a Profit and Loss account; all expenses are debited to Voyage account and all incomes are credited to Voyage account. Voyage account is prepared to ascertain the profit or Loss of voyage. It covers both inward and outward travelling. It is very important that separate Voyage account should be prepared for each vessel.
What was the total cost of the Voyager mission?
These tidbits have been summarized below in appropriate categories. Several may seem difficult to believe, but they are all true and accurate. The total cost of the Voyager mission from May 1972 through the Neptune encounter (including launch vehicles, radioactive power source (RTGs), and DSN tracking support) is 865 million dollars.
How are stores debited from the voyage account?
Stores − Stores, which are purchased for voyage are debited from the voyage account on consumption basis i.e. opening stock + purchases – closing stock. Depreciation − Depreciation on ship is charged from the voyage account in the proportion of the period of a journey.
How is voyage accounting used in a marine business?
To know the financial results of a marine business, voyage accounting is prepared. Voyage account is similar to a Profit and Loss account; all expenses are debited to Voyage account and all incomes are credited to Voyage account. Voyage account is prepared to ascertain the profit or Loss of voyage.
