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ADVANCED ACCOUNTING

ADVANCED ACCOUNTING

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Vinay Kumar Dawar

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Surprise Test 3

Surprise Test 3

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Question 1

6 Points

Jal Pratap commenced a voyage on 1st October,2002 from Mumbai to London and back. The voyage was completed on 30th November,2002. It carried a consignment of tea on its outward journey and of machinery on its return journey. The ship was insured and the annual premium was ₹ 24000. Following information is given in relation to the voyage:
Freight earned outward Rs.1,00,000; Creditors Rs.10,000; Freight earned (inward) Rs.70,000; Port Dues Rs.5000; Building Rs.30,000; Bunker Cost Rs.25,000; Wages and salaries Rs.55,000; Sundry expenses Rs.16,000; Passage Money Received Rs.10,000; Stores purchased Rs.5,800; Lighterage charges Rs.6,600; Annual Depreciation Rs.9600.
Address commission : 5% on outward and 4% on return freight. Primage 5% on freight. Stores in hand were valued at Rs.3000 on November,2002. Manager is to get commission of 10% of net profit.
Prepare Voyage account.​

Answer 1

Answer:

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