A Mumbai Company acquired a new ship Jalapriya at a cost of Rs. 30,00,000. The ship...

  

Transcribed Image Text:

A Mumbai Company acquired a new ship Jalapriya at a cost of Rs. 30,00,000. The ship was ready for service on 1st April. An insurance policy at 2% was taken out on the ship. Freight was insured at a premium of Rs. 10,000 per annum. During the three months the ship had made 2 complete voyages, one to London and back and half way through the next to London. The ship carried the following freight. To London From London 6,000 tonnes at Rs. 20 per tonne 7,000 tonnes at Rs. 18 per tonne 7,500 tonnes at Rs. 18 per tonne Unfinished voyage 5% commission was paid to agents in addition to 1% address commission. The expenses incurred were as follows: Salaries and wages of crew Fuel Port dues (Mumbai Rs. 6,000) (London Rs. 4,000) Rs. 60,000 30,000 10,000 41,000 25,000 6,000 Stevedoring at Rs. 2 per tonne Share of overhead for the ship for the period (Rs.) Sundry expenses Prepare Voyage Account of the period of 3 months ending 30th June. A Mumbai Company acquired a new ship Jalapriya at a cost of Rs. 30,00,000. The ship was ready for service on 1st April. An insurance policy at 2% was taken out on the ship. Freight was insured at a premium of Rs. 10,000 per annum. During the three months the ship had made 2 complete voyages, one to London and back and half way through the next to London. The ship carried the following freight. To London From London 6,000 tonnes at Rs. 20 per tonne 7,000 tonnes at Rs. 18 per tonne 7,500 tonnes at Rs. 18 per tonne Unfinished voyage 5% commission was paid to agents in addition to 1% address commission. The expenses incurred were as follows: Salaries and wages of crew Fuel Port dues (Mumbai Rs. 6,000) (London Rs. 4,000) Rs. 60,000 30,000 10,000 41,000 25,000 6,000 Stevedoring at Rs. 2 per tonne Share of overhead for the ship for the period (Rs.) Sundry expenses Prepare Voyage Account of the period of 3 months ending 30th June.

Answer rating: 100% (QA)

To prepare the Voyage Account we need to calculate the total revenue and expenses for the period of ... View the full answer