what is primage and how is it calculated
Answers
Explanation:
A small sum of money formerly paid over and above the freight to the master of a ship for his care of the goods: now charged with the freight and retained by the ship-owner. Also called hat-money.
n primage The amount of water carried over in steam from a steam-boiler by foaming, lifting, and atomizing of the water. See priming. It is estimated, in relation to the amount of water evaporated or to the time of evaporation, usually as a percentage of the entire weight of water passed through the boiler: as, a primage of three per cent.
Answer: Primage is also called as surcharge. Primage is the additional freight collected as a percentage of the amount of the freight.
Explanation:
Primage is a small payment that is made by shippers to the captain of a ship for his special care of their goods. It is a small sum of money formerly paid over and above the freight to the master of a ship for his care of the goods and now charged with the freight and retained by the ship-owner. It is also called hat-money. Primage is at 10% on freight charges. Primage is also called as surcharge. Primage is the additional freight collected as a percentage of the amount of the freight.
Primage is calculated as:
Primage = Freight * Rate / 100.
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Related Links :
Bharat Shipping Co. Ltd. of Madras has a ship by name 'Bharat' whose written down
value as on July 1, 2008 was 24 lakhs. The ship was insured for 30 lakhs at 1% for
voyage policy of hull. The ship made a trip to Sydney and returned to Madras during
the period July 1, 2008 to September 30, 2008. The particulars relating to the voyage
(1) Expenses incurred
le) Share of overhead for the ship
(2Stevedoring at the rate of <3 per tonne
(4) The freight was insured at 1%.
(5) The particulars of the freight consisted of the following:
(a) Leather goods 1,100 tons at the rate of 120 per tonne
Ans.
profit 23,862.
3
he
9)
are given below.
(a) Salaries of crew.
(0) Fuel
(c) Port dues
25,000
55,000
30,000
32,000
16,000
(d) Slores expenses
including primage. Prepare the voyage account for the three months period endir
3 Depreciation was charged on the written down value of the ship at the rate of
(b) Cotton 500 tonnes at the rate of * 150 per tonne
(c) Sugar 1,700 tonnes at the rate of 100 per tonne
10% per annum.
March 31, 2008.
Ans. Profit on voyage * 1,32,295 ; Brokerage 20,735 ; Primage 37,700).
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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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