Question

2019 NOV. [4] XYZ Ltd. commenced a voyage on 1st October, 2018 from
Mumbai to Chennai. The details of complete voyage i.e. Mumbai to
Chennai and back to Mumbai were as follows:
Coal consumption
70,000
Port charges
14,000
Depreciation
40,000
Sundry expenses
4,000
Wages
8,000
Freight
4,00,000
Stock consumed
30,000
Salaries
48,000
Insurance-Ship
40,000
Insurance-Freight
16,000
Primage and address commission are 10% and 5% respectively.
Freigth relating to the return journey amounted to Rs. 1,20,000
only. The accounts are closed on 31st December. The ship was on
her half way back to Mumbai on the date of closing the accounts;
prepare voyage account up to 31st December, 2018. (Marks 10)
Ans. [Net Profit Rs. 1,54,000; Voyage in progress Rs. 1,38,400]​

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