what do you understand by voyage? how to calculate profit in case of incomplete Voyage?
Answers
In maritime law,voyage is known as the time of a ship's transit from one place to another. A ship or vessel's voyage can be from one place to another, including the return trip depending on the circumstances. when applied to a ship, depends in any particular case on the employment in which the ship is engaged.If someone tells you "bon voyage!" they mean have a good trip. Voyage means trip in French but in English, we use it to mean a long journey. Though voyage is usually used literally to mean a long and exciting journey or a trip that involves sailing such as a cruise.
A voyage means a journey. It includes both the outward and return journey.
And in order to ascertain its profit, a Voyage Account is prepared.
A voyage Account is same as the Profit and Loss Account.
It relates to the expenditure incurred and income earned during a particular voyage.
Profit on incomplete contracts should be considered, after providing adequate sums for meeting the unknown contingencies.