Question

Voyage account is ............. account.

• A. Nominal
• B. Real
• C. Personal
• D. None of these

Answer 1

Answer:

A. Nominal

Voyage account :

• It is prepared to ascertain the profit or Loss of voyage.
• It covers both inward and outward travelling.
• It is similar to a Profit and Loss account .
• All expenses are debited to Voyage account and all incomes are credited to Voyage account. 
• The main source of income of a voyage is freight , passage money , primage etc.
• The main source of expense of a voyage is brokerage & commission , Insurance , stores (  opening stock + purchases - closing stock ) , depreciation ,bunker cost , port charges , stevedoring charges.

Nominal Accounts :

• These are accounts associated with losses, expenses, income, or gains.
• The outcome of a nominal account is either profit or loss, which is then ultimately transferred to the capital account.
• Eg : Purchase account, sales account, salary A/C, commission A/C, etc.
• The golden rules to record any transaction under nominal accounts are:
  1) Debit all the expenses and losses.
  2) Credit all the income and gains.