Why is a separate voyage A/c prepared for each voyage?
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This account is prepared to get a complete record of the profits earned and loss incurred on the particular voyage undertaken by the shipping company. It records both inward and outward journey. It is prepared separately for each voyage.
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Explanation: The method of accounting followed by shipping companies is known as voyage accounting. Shipping companies prepare their accounts periodically and also prepare the results of each voyage separately. Shipping companies carry goods from one place to another. Some companies carry passengers also in addition to goods from one place to another place.
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