Question

discuss the necessity and method of preparing voyage account.what will be the position if voyage in progress​

Answer 1

Explanation:

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Answer 2

Necessity and method of preparing voyage account are as follows:

• The difference between the revenue generated by the voyage and the expenses incurred as a result of it is the voyage profit.
• The income and expenses from an unfinished cruise are carried forward to the following year if the voyage is still continuing.
• Profit is the distinction between a travel account's credit and debit sides.
• The discrepancy between the debit and credit sides of the Voyage Account is known as a voyage loss.
• In the shipping company's general profit and loss statement, the profit or loss is recorded.