Logistics
General Average Contribution (Maritime Law)
Recording a liability when a ship's captain sacrifices cargo or incurs extraordinary expense to save the vessel.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| General Average Loss/Expense | Expense (+) | 5,000.00 | - |
| Provision for General Average | Liability (+) | - | 5,000.00 |
💡 Accountant's Note
Under maritime law (York-Antwerp Rules), if a ship catches fire and some cargo is thrown overboard to save the rest, ALL cargo owners must split the cost. This is a rare but massive financial hit for shippers.
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