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FA

UNIT IV

Voyage Accounts

 


We need to prepare a voyage account to know the performance of the marine business. The voyage account is similar to the profit and loss account. All costs are debited to your Voyage account and all income is credited to your Voyage account. The voyage account is provided to confirm the profit or loss of the voyage. Covers both inward and outward movements. It is very important to create a separate voyage account for each vessel.

Income

The following are the main sources of income for the voyage-

 

  • Freight-Fare is the main income collected for the transportation of goods.
  • Transit-For passenger ships, transit is collected from the passengers.
  • Primage-Primage is an additional fare in the form of an additional fare.
  •  

    Expenses

    Below are the different cost methods for ships-

  • Brokerage Fees-The brokerage fees are calculated based on the fare including the primage and paid to the charter agent. Address fees are paid to brokers for procuring cargo from various parties.
  • Insurance-Proportional premiums may be deducted from your voyage account. For example, if your insurance is one year and your voyage trip is three months, your premium will be deducted from your voyage account at the 14th rate.
  • Stores-Stores purchased for voyages are debited from the voyage account on a consumption basis. That is, start inventory + purchase-end inventory.
  • Depreciation-Vessel depreciation is charged from the voyage account as a percentage of the voyage period.
  • Bunker Costs-The costs of water, coal, diesel, fuel, etc. used for voyage purposes are called bunker costs and may be debited from the voyage account.
  • Port Fees-Port authorities charge a fee to allow a ship to use the port for loading and unloading cargo. This fee will be deducted from your voyage account.
  • Cargo Fees-Loading and unloading of cargo, called cargo handling fees, must be deducted from the voyage account.
  • During the voyage

    At the end of the fiscal year, when the voyage is not completed and is still in progress, the following accounting is required-

     

    Received freight

    The total cargo received will be credited to the voyage account and any incomplete voyage reserves will be deducted from the voyage account. In proportion to the incomplete journey, preparations for an ongoing voyage are created.

    Expenses

    To complete the concept of matching, income and expenses associated with incomplete voyages may be carried forward to the next fiscal year in each account. The allowance for earned income should be debited from the voyage account, and the allowance for expenses should also be credited to the voyage account.

    The basis for the cost carried forward is as follows.

    Freight-related costs must be carried forward in proportion to the return of the cargo. For example, if the total cargo is Rs. Of the 2,500,000 yen, the returned cargo is Rs. The total cost is 1,200,000 and the total cost is rupees. For 500,000, the cost carried forward to the next fiscal year will be Rs. 240,000.

    =    1,200,000

         ___________   x    500,000

     

         2,500,000

     

    In the case of standing costs, if the return trip is incomplete, half of the standing charges will be carried over.

    If the return trip is in the middle and the total cost of the voyage is given a total cost of 1/2nd carried forward.

    If the return trip is in the middle and the cost to the date is given, the 1/3rd cost will be carried over.

    When one round of the journey is completed and the total cost of the voyage is paid along the way, the thirteenth cost will be carried over.

    If one round trip is completed and the cost to date is specified in the middle of the one way, the 1/5th cost will be carried forward.

    Specimen of Voyage Account

                                                         Voyage Account

     

    Particulars

    Amount

    ()

    Particulars

    Amount

           ()

     

    To Bunker cost

     

    ..

     

    By Freight:

     

    To Port Charges

    ..

    Outward

     

    To Brokerage or address

    ..

    Inward

    ..

    Commission

     

    By Primage:

     

    [% on Freight + Primage]

     

    Outward

     

    To Depreciation

    ..

    Inward

    ..

    To Store Consumed

    ..

    By Passage Money

    ..

     

    To Stevedoring Charges

     

    To Insurance of freight To Harbour charges

    To Other expense (if any) To Manager’s commission

     

    To Carry forward of income on incomplete journey

     

    To Net Profit Transfer to Profit and loss account

    (Balancing Figure)

     

    ..

     

    ..

    ..

    ..

    ..

     

     

    ..

     

     

     

     

    ………

     

    By Stores on hand (if any)

    By other income received (if any)

     

     

     

    By Carry forward of expense on incomplete journey

    By Net Loss Transfer to Profit and loss account

    (Balancing Figure)

     

     

    Key takeaways:

  • The voyage account is similar to the profit and loss account.
  • All costs are debited to your Voyage account and all income is credited to your Voyage account.
  • The voyage account is provided to confirm the profit or loss of the voyage.
  • Nautical insurance, or maritime cargo insurance, covers losses incurred on the contents of the ship during the voyage.
  • Navigation policies are primarily used by exporters who need to ship only occasionally or in small quantities.
  • Exporters who ship on a regular basis typically use open-cover marine insurance.
  •  


    All entities have sufficient inventories for the smooth operation of their businesses, depending on the needs and size of their businesses, but at the same time there is a risk of loss due to fire or means. To protect companies from accidental losses, most companies buy insurance policies that cover inventory losses (due to fire). This is known as the inventory policy.

    Taking into account the premium, the insurance company is responsible for compensation — if the loss is caused by a fire or other means, it will be applied under the terms of the insurance. Taking out fire insurance is in the company's greatest interest, as it covers a wide range of losses (due to fire), including damage to buildings, loss of furniture and fixtures, destruction of plants and machinery, and more.

    Here are some important points to consider when estimating inventory:

    Gross Profit

    Gross profit is calculated by subtracting sales from cost of sales. To find out last year's gross profit, you need to refer to last year's "Trading" account.

    Memorandum of Understanding Trading Account (current year)

    In the event of a fire, you will need a memorandum trading account to find the value of your estimated stock. It is created with the help of last year's gross margin, opening inventory, purchases, sales, and direct expenses.

    The value of the collected shares

    The value of the shares calculated in step 2 is reduced by the value of the collected shares to reach the value of the claim.

    Other important points

    If the stock is not valued at cost, it is first valued at the cost of last year's trading account and then at this year's memorandum account. For example, given an inventory of Rs. 80,750 is valued at 85% of last year's cost, first last year as

    80,750

    ________ =95,000

    85×100                     then this year's memorandum transaction account.

     

    Sample costs or stock withdrawals given free of charge by the company owner or partner for personal use must be adjusted in last year's trading account and this year's memorandum trading account.

    If the gross profit for the last few years is shown, then the average gross profit should be used to determine the gross profit for the current year. However, if a clear upward trend in gross profit or a downward trend in gross profit is confirmed, it is necessary to apply a weighted average gross profit or a reasonable upward trend or downward trend to determine the gross profit for the current year. There is.

     

    To know the gross profit of normal sales, you need to exclude the unsold sales from this year's sales. Similarly, poor-selling items need to be removed from the start and end inventory of the last few years in order to set up a trading account for this year.

    Average clause

    The average clause applies to find the value of a claim where the value of the shares on the fire day is higher than the value of the insured's shares. The average clause is applied by insurance companies to prevent under-insurance of stocks or other assets.

     

    The following figure will help you understand it better-

     

    Suppose the value of the insurance policy is Rs. If, on the date of the fire, the value of your inventory is Rs 1,800,000, of which approximately 1,200,000 shares are destroyed, the value of the claim granted would be:

    Value of Claim=                                         1,500,000                     ×1,200,000=1,000,000

         1,800,000

     

    The value of the stock of Rs. 1,200,000 is not tolerated by the insured, but rather the permissible claim is rupees. 1,000,000.

     

    Q1) A fire broke out at the Style India office on April 1, 2014, destroying most of its inventory. Please check your insurance claim from the following:

    Particulars

    Amount (Year 2013)

    Amount (01 Jan to 31st March 2014)

    Sale

    2,500,000

    750,000

    Purchases

    1,800,000

    350,000

    Opening Stock (01-01-2013)

    270000

     

    Closing Stock (31-12-2013)

    498,750

     

    Direct Expenses (Freight & wages)

    150,000

    30,000

     

  • Inventories as of January 1, 2013, 10% less value in cost.
  • Inventory as of December 31, 2013 will be 5% higher in cost.
  • The value of the recovered stock Rs. 45,000.
  • The insurance policy (for fire) was for rupees. 300,000.
  • Here, the average clause applies because the value of the insurance policy (Rs.300,000) is less than the value of the stock on the fire day (Rs.322,500).

    A1)

    Trading Account of M/s Style India

    (For the year ending on 31st December, 2013)

    Particulars

    Amount

    Particulars

    Amount

    To Opening Stock

    {270,00090×100}{270,00090×100}

    To Purchases

    To Direct Expenses

    To Gross Profit (29%)

    300,000

    1,800,000

    150,000

    725,000

    By Sales

    By Stock=500,000105×100ByStock=500,000105×100

    2,500,000

    475,000

     

    2,975,000

     

    2,975,000

    Memorandum Trading Account of M/s Style India

    (Up to 01-4-2014)

    Particulars

    Amount

    Particulars

    Amount

    To Opening Stock

    To Purchases

    To Direct Expenses

    To Gross Profit

    (29% of 750,000)

    475,000

    350,000

    30,000

    217,500

    By Sales

    By Stock (Balancing Figure)

    750,000

    322,500

     

    1,072,500

     

    1,072,500

    Value of Stock= Rs. 322,500

    Less: Stock Salvage= Rs.45,000

    Insurance Claim to be lodged will be

     

    Consequential loss insurance

    Regular fire insurance only covers the loss of stock or assets and cannot guarantee the loss of profits incurred by the related business. Therefore, you should adopt the resulting loss policy to cover lost profits, lost fixed expenses, and so on.

    The following are important terms used in the profit loss policy.

    Insured Full-time Expenses-Staff Salaries, Rents and Taxes, Wages for Skilled Workers, Auditor Expenses, Director Expenses, Advertising Expenses, Travel Expenses, Corporate Bond Interest, and Unspecified Expenses (Specific Expenses) 5% or less) The price that must be stated on the policy form when purchasing the policy (so that all charges are guaranteed).

    Sales-Sales include sold goods or services for which an amount is paid. You also need to get insurance.

    Annual Sales-Sales for the last 12 months immediately before the fire date.

    Standard Sales-Standard sales means sales for the period corresponding to the compensation period of the previous fiscal year. You also need to make adjustments to note trends in the fiscal year in which the incident occurred.

    Gross Profit-Calculated as

    Gross Profit = Net Profit + Insured Continuing Expenses

    Net Income-To Calculate Net Income-You need to adjust income (excluding tax), insured continuation costs, other costs, depreciation, and other provisions of that type.

    Compensation period-Up to 12 months (from the date of damage) where damage affects the outcome of the business. The insured chooses the coverage period.

     

    Claim calculation

    To calculate your claim for loss of profits caused by business disruption, you need to perform the following steps:

    Short Sale-A short sale means a loss on sale due to a fire and subsequent business disruption. The difference between standard sales and actual sales during the compensation period is called a short sale. This is shown in the following example.

    Q2) Calculate your short sale according to the details below-

    Date of Fire occurs

    01-06-2013

    Period of dislocation of business

    4 months

    Standard Sale

    500,00

    Increased trend

    15%

    Actual Sale

    300,000

    Solution-

    Computation of Short Sale

    Standard turnover (Rs. 50,000 + 15%)(A)

    575,000

    Less: Actual Sale(B)

    300,000

    Short Sale(A-B)

    275,000

     

    Increased Labor Costs-Increased labor costs mean certain additional costs that the insured must incur to keep the business operational during the compensation period.

    Cost Savings-Fire cost savings are deducted from the amount calculated above.

    Average Clause-If the value of the insurance amount is less than the value of the insurance covered by the insurance policy, the average clause will be applied as it applies to equity insurance (above).

    Accounting Entries

    In case of loss of stock

    Insurance company A/cDr

    To Stock Damaged A/c

    To Stock Destroyed A/c

    (Being Claim admitted for stock destroyed and stock damaged)

    Stock destroyed A/cDr

    Stock Damaged A/cDr

    To Trading A/c

    (Being actual cost of stock destroyed and stock damaged to trading account)

    Bank A/cDr

    To Stock Damaged A/c

    (Being realization made on sale of damaged Stock)

    Note  Difference of stock destroyed account and damaged account will be transferred to Profit & Loss account)

    In case of loss of Profit

    Insurance company A/cDr

    To Profit & Loss A/cDr

    To Profit & Loss Suspense A/c

    (Being Loss of profit for next year)

    Bank A/cDr

    To Insurance Company A/c

     

    Key takeaways:

  • The insurance company validates the claim and, if approved, issues payment to the insured or the approved stakeholders on behalf of the insured.
  • In the case of non-life insurance such as cars and homes, claiming insurance may increase future insurance premiums.
  • Insurance is a contract (policy) in which an insurer insures another insurer for loss from a particular contingency or risk.
  • There are many types of insurance policies. Life, health, homeowners and cars are the most common forms of insurance.
  • The core components that make up most insurance policies are deductions, insurance policy limits, and premiums.
  • Receivable reserves are funds reserved for future payments of outstanding receivables.
  • The unpaid claim reserve is an actuarial estimate, as the amount liable for a particular claim is not known until the settlement.
  • Insurance claims are paid from a portion of the premium paid by the policyholder during the course of the insurance policy.
  • Unpaid invoice reserves are recorded as liabilities on the company's balance sheet.
  •  

     

     

     

     


     

    Royalty is the consideration received by an entity or individual who sells and uses the work to a third party. Royalty is usually considered synonymous with rent, but its concept and use are completely different.

     

    However, the user of the property pays the owner for the use of the owner's property, both when acquiring a rental property or a book for publication. However, the usage fee is different from the rent paid by the user.

     

    When rent is paid to use tangible assets such as buildings and machines, royalties are paid to use intangible assets or to take advantage of special rights such as patents, copyrights and mines.

     

    In addition, the amount of rent paid by the user is fixed. On the other hand, the royalties that users pay to their owners depend on the quantity of goods produced or sold.

     

    This article describes Royalty accounting, key terms related to royalties in final accounts, the treatment of Royalty accounting, and the types of royalties in accounting.

     

    Meaning of royalties in accounting

    Royalty is nothing more than a user of an asset paying the owner or creator of such an asset on a regular basis for its use. In other words, the owner / author of an asset such as mine, a patent, a book, a work of art, etc. may allow a third party, such as a licensee, publisher, to use the creation in exchange for consideration.

     

    Therefore, such payments made by the user to the owner are known as royalties. In addition, the consideration paid instead of using the owner's assets is determined by the number of items produced or sold.

     

    Royalty accounting parties

  • Lender:
  • A person who creates or owns an asset and provides a third party with the right to use such asset is called a lessor or landlord. In addition, the lessor receives compensation from a third party for using the right to use his property.

     

    Examples of lenders include mine or quarry owners, book authors, artists in the case of musical works, and so on.

     

    2.     Borrower:

    A lessee is a person who uses the property of the creator or owner instead of the consideration for using such property. Examples of borrowers include publishers, miners, and so on.

     

    3.     Account Royalty type:

    There are the following types of usage fees for accounting. These include:

     

    4.     Copyright:

    Copyright provides the creator or owner of assets such as books, artwork, and musical works with the right to claim royalties from publishers. Therefore, the publisher pays the author a copyright royalty based on the publisher's sales.

     

    5.     Patent royalties:

    The royalties are paid by the user to the owner based on the number of items produced.

     

    6.     Mining royalties:

    For mining royalties, the user or borrower pays royalties to the owner or lessor based on the output generated.

     

    Therefore, in the case of patents or copyrights, the publisher pays royalties to the author based on the number of copies of the book sold. In other words, the patent or copyright owner receives royalties based on the number of items sold by the user.

     

    In the mining industry, on the other hand, royalties are received by the mine owner based on the number of items the user produces.

     

    An important term for Royalty accounting

     

    Minimum rent:

    As mentioned above, the lessor contacts or agrees with the lessee on the payment of royalties. This royalty is based on the number of merchandises produced or the quantity of merchandise sold.

    Currently, the number of products produced or sold may be zero or relatively small. In such cases, the lessor will receive no or little royalty that directly affects the lessor's royalty income. In other words, if there is no or little production or sale, the lessor will suffer a loss because the amount of royalties received from the lessee is no or less. This is despite the lessee using the asset.

     

    To relieve this situation, the lessor requires the minimum amount to be paid by the lessee, regardless of the number of goods the lessee has produced or sold.

     

    That is, the borrower must pay the lender a minimum amount. This is despite the fact that the actual royalty amount calculated based on the items produced or sold is less than the minimum rent paid.

     

    Such a guaranteed minimum amount that the lessor receives is called the minimum rent. The minimum rent is set when the lessor signs a contract with the lessee.

     

    This is the period included in the contract for the benefit of the landlord to guarantee the minimum rent even when sales and production are low. Therefore, the lessee pays the minimum rent or the actual royalty amount, whichever is higher.

     

    The minimum rent paid is fixed and is also known as fixed rent or dead rent. However, this may vary depending on the terms and conditions of the agreement.

     

    Example

    For example, mine A produces 4,000 tonnes. The royalty paid by the borrower is 100 rupees per ton and the minimum contract rent is 5 rupees.

     

    The actual royalty paid for each production is 4 rupees. The actual royalty amount is less than the minimum rent, so the lessee must pay the lessor a minimum rent of 5 rupees.

     

    Short work or redeemable dead rent:

    Short-term work is nothing more than a minimum rent that exceeds actual royalties. In other words, short-term work is the difference between minimum rent and actual royalties.

     

    In the above example, Short Workings would be Rs1 Lakh (5 Lakh – 4 Lakh). It should be noted that short-term work will only be revealed if the minimum rent clause is included in the contract.

     

    Excessive work:

    Overwork is nothing more than an amount of actual royalties that exceeds the minimum rent.

     

    For example, in the above example, the output produced is 6000 tonnes. Therefore, overwork is Rs 2 Lakhs (6 Lakh – 4 Lakh).

     

    Recovery of short work:

    Contracts between lessors and lessees under royalty accounting typically provide for provisions. This provision allows you to carry forward a short task to adjust the same thing in the future.

     

    Therefore, in the following year, Short Workings will be adjusted for excess royalties. Such a process of adjusting short-term working capital is known as short-term working capital recovery.

     

    In other words, the royalty contract collection clause provides the borrower with the right to recover any excess payments the borrower has made to the lessor in order to comply with the minimum rent clause of the previous year.

     

    In addition, the contract has a fixed term. Such a period defines the number of years a lessee can recover or recover short-term work. This period may be fixed or variable.

     

    If the lessee fails to recover the short-term work within the specified time, the short-term work will expire and will be debited on the income statement for the period in which the collection has elapsed.

     

    Fixed right:

    Fixed rights mean that the lessee can recover short-term work from the lessor within a certain period of time from the date of lease of the asset.

     

    For example, according to fixed rights, lessees can recover short-term work within two years of the lease date. If he does not, the recovery will expire or end.

     

    Fluctuating rights:

    Under variable rights, the lessee can recover short-term work for any period during the subsequent one or more periods. For example, the short work of the previous year can be recovered in the next year.

     

    Strikes and lockouts:

    Strikes and lockouts may occur during the Royalty contract period. Therefore, Royalty contracts can provide for a proportional reduction in minimum rent in the event of a strike or lockout.

     

    Royalty accounting:

    There are three types of situations in which both the lender and the borrower need to pass journals. Let's use an example to understand royalty accounting.

     

    Royalty accounting example

    Zen is the owner of Minea A in Gujarat. He has a royalty agreement with Kapoor Ltd. According to the contract, the minimum rent is Rs 5,00,000 and the royalty paid is Rs 100 per ton of monthly production. The output for the different years is:

     

    2017 – 4000 tons

    2018 – 5000 tons

    2019 – 6000 tons

     

    1. Royalty accounting journals in the debt book

     

    Case I: When the minimum rent exceeds the actual royalty amount (2017)

     

    1. Royalty date

    Royalty A / c Dr 4,00,000

    Short Working A / c Dr 1,00,000

    To Zen A / c 5,00,000

    (Zen royalty and short-term work)

     

    2. Entry to make payment

    Zen A / c Dr 5,00,000

    To cash / bank A / c 5,00,000

    (Paid to Zen in cash)

     

    3. Year-end closing entry

    P & L A / c Dr 5,00,000

    Royalty A / c to 5,000,000

    (Royalty transferred to P & L A / c)

     

    Case II: If the minimum rent is equal to the actual royalty amount (2018)

     

    1. Royalty date

    Royalty A / c Dr 5,00,000

    To Zen A / c 5,00,000

    (Being a Zen royal family)

     

    2. Entry to make payment

    Zen A / c Dr 5,00,000

    To cash / bank A / c 5,00,000

    (Paid to Zen in cash)

     

    3. Year-end closing entry

    P & L A / c Dr 5,00,000

    Royalty A / c to 5,000,000

    (Royalty transferred to P & L A / c)

     

    Case III: When the actual royalty amount exceeds the minimum rent and short-term work is recovered (2019)

     

    1. Royalty date

    Royalty A / c Dr 6,00,000

    To Zen A / c 6,00,000

    (Being a Zen royal family)

     

    2. Entry to pay and get back work in a short period of time

    Zen A / c Dr 6,00,000

    To cash / bank A / c 5,00,000

    Short-time work A / c To 1,00,000

    (Paid to Zen in cash, Short Working Recouped)

     

    3. Close the entry at the end of the year and do not get back to work in a short period of time

    P & L A / c Dr 6,00,000

    Royalty A / c to 5,000,000

    To Short-time work A / c 1,00,000

    (Royalty and short-term work will be transferred to P & L A / c)

     

    According to the terms and conditions, short working can be collected in the year when the actual royalty exceeds the minimum rent. If the lessee fails to recover short-term work for a certain period of time, it will be irrevocable and will be charged to profit or loss in the year the short-term work recovery expires.

     

    On the other hand, recoverable short-term work must be carried forward and displayed as current assets on the balance sheet.

     

    2. Royalty accounting journals in the lessor's books

     

    Case I: When the minimum rent exceeds the actual royalty amount (2017)

     

    1. Royalty date

    Kapoor Ltd 5,00,000

    To Royalty A / c4,00,000

    Short working A / c 1,00,000

    (Royalty received from Kapoor Ltd and short-term work)

     

    2. Entry to make payment

    Cash / Bank A / c Dr 5,00,000

    To Kapoor Ltd 5,000,000

    (Receiving cash from Kapoor Ltd)

     

    3. Year-end closing entry

    Royalty A / c Dr 5,00,000

    To P & L A / c 5,000,000

    (Royalty credit to P & L A / c)

     

    Case II: If the minimum rent is equal to the actual royalty amount (2018)

     

    1. Royalty date

    Kapoor Ltd 5,00,000

    To Royalty A / c5,00,000

    (Received royalties from Kapoor Ltd)

     

    2. Entry to make payment

    Cash / Bank A / c Dr 5,00,000

    To Kapoor Ltd 5,000,000

    (Receiving cash from Kapoor Ltd)

     

    3. Year-end closing entry

    Royalty A / c Dr 5,00,000

    To P & L A / c 5,000,000

    (Royalty credit to P & L A / c)

    Case III: When the actual royalty amount exceeds the minimum rent and short-term work is recovered (2019)

     

    1. Royalty date

    Kapoor Ltd 6,00,000

    To Royalty A / c6,00,000

    (Received royalties from Kapoor Ltd)

     

    2. Entry to pay and get back work in a short period of time

    Cash / Bank A / c Dr 5,00,000

    Short time work A / c Dr 1,00,000

    To Kapoor Ltd 6,00,000

    (Receiving cash from Kapoor Ltd and Short Working Recouped)

     

    3. Close the entry at the end of the year and do not get back to work in a short period of time

    Royalty A / c Dr 5,00,000

    Short time work A / c Dr 1,00,000

    To P & L A / c 6,00,000

    (P & L A / c will be granted Royalty credits and Short Working will be transferred)

     

     

    Key takeaways:

     

  • Royalty is the amount paid by a third party to the owner of a product or patent in order to use the product or patent.
  • The terms of payment for royalties are set forth in the license agreement.
  • The royalty rate or royalty amount is usually a percentage based on factors such as monopoly rights, technology, and available alternatives.
  • Consignment sales are the sale of products by consignment to a third party.
  • The party selling the consignment product receives a portion of the profit as a flat rate or commission.
  • Selling under consignment arrangements can be a low-fee, low-time investment method for selling goods and services.
  • Most consignment dealers and online dealers offer the terms, but some are willing to negotiate.
  • If you don't have a physical store or online marketplace to sell your products, consignment is a good workaround.
  •  

     

     

    References:

  • Accounting Notes of Delhi University/Mumbai University.
  • Accountingnotes.com
  • Accounting Article Library
  • https://www.coursehero.com/file/59430923/Voyage-Accountdocx/
  • https://www.yourarticlelibrary.com/accounting/voyage-account/voyage-account-preparation-and-common-terms-used/73112
  • https://commerceiets.com/voyage-account/
  • https://www.yourarticlelibrary.com/accounting/voyage-account/voyage-account-meaning-and-its-accounting-entries/51336
  • https://www.yourarticlelibrary.com/accounting/royalty-accounts/royalty-accounts-meaning-and-treatment-with-journal-entries/73025
  •  

     


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