Voyage Account

🚢 Learn Voyage Account: Mastering Maritime Finance 🌊

Course Introduction: Welcome aboard the comprehensive course on Voyage Account! Embark on a financial voyage through the intricate world of maritime commerce, where each port day and cargo container holds valuable lessons in shipping economics. Dr. Mohd Saifi Anwar, your seasoned captain, will steer you through the complexities of Voyage Account management.

Course Overview:

• Introduction to Voyage Account: Understand the fundamental concept that distinguishes a Voyage Account from a typical Profit & Loss account in the maritime context.

• Meaning of Voyage Account: Discover how shipping companies record all financial transactions related to the transportation of goods and passengers over a specific voyage to calculate profits or losses.

• Important Terms Relating to Voyage Account: Get familiar with the key terms that are essential for understanding Voyage Accounts, including:

  • Voyage (Outward, Inward, Return)
  • Ship
  • Period of Voyage
  • Port Day
  • Cargo
  • Hull
  • Voyage Account Debits & Credits

• Voyage Account Debits: Learn about the expenses associated with a voyage, such as:

  • Opening Stock
  • Bunker Cost
  • Port Charges
  • Harbor Wages
  • Stevedoring Charges
  • Depreciation
  • Insurance
  • Postage & Standing Charges
  • Address Commission
  • Manager Commission
  • Lighterage Charges
  • Stores Consumed
  • Net Profit/Loss

• Voyage Account Credits: Understand the revenue aspects of a voyage, including:

  • Freight
  • Primage
  • Passage Money
  • Bar Sales & Saloon Income
  • Closing Stock
  • Net Loss

• Classification of Voyage Account: Dive into the distinction between Complete and Incomplete Voyage Accounts, and learn about the commission allowed on net profits.

• Voyage Types: Set sail into the two main types of voyages:

  • Outward Journey (OJ): A one-way trip from one port to another, such as Mumbai to London.
  • Inward Journey (IJ): The return trip with goods or passengers back to the home port, like London to Mumbai.

Why Take This Course?

• Gain a deep understanding of maritime finance and accounting.
• Learn how shipping companies prepare their accounts according to the double entry system.
• Master the preparation of voyage accounts for enhanced profitability analysis.
• Understand the distinction between different types of voyages and their implications on financial reporting.

Who Is This Course For? This course is designed for:

• Finance and Accounting professionals in the shipping industry.
• Shipping company managers and decision-makers.
• Aspiring maritime accountants.
• Students of maritime studies or business administration with an interest in maritime finance.

Embark on this educational journey today, and navigate through the complexities of Voyage Accounts with confidence. Set your sails towards financial mastery with Dr. Mohd Saifi Anwar as your guide! 🚀📚⚓️