Crossword Genius

Steamboat Bill once passed after ending up with King Edward’s crown on board (6)

Ross

I believe the answer is:

packet

I'm a little stuck... Click here to teach me more about this clue!

'steamboat' is the definition.
(packet boat is a type of steamship)

'bill once passed after ending up with king edward's crown on board' is the wordplay.
I cannot really understand how this works, but
'bill' could be 'ac' (short for account) and 'ac' is present in the answer.
'king' could be 'k' (abbreviation for king in chess) and 'k' is found within the answer.
The remaining letters 'pet' is a valid word which might be clued in a way I don't understand.
This may be the basis of clue (or it may be nonsense).

Can you help me to learn more?

(Other definitions for packet that I've seen before include "Large amount of money" , "Data transmission unit - large sum" , "Package - large amount - boat" , "Parcel - mail boat" , "bomb" .)

I've seen this clue in The Guardian.
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