Journal entry in case of marble block sales

Rahul Joshi (Student) (45 Points)

08 October 2016  

WHAT WOULD BE THE SALES ENTRY IF 1. MARBLE BLOCK VALUE=15000/- 2. ROYALTY PAYBLE = 20*240/-TONE= 4800/- 3. DMFT(DISTRICT MINERAL FOUNDATION TRUST) AMOUNT= 10% OF ROYALTY = 480 4. SERVICE TAX @ 15% ON DMFT AMOUNT= 72. 5. VAT PAYBLE @ 5.5% ON ALL ABOVE TOTAL i.e.= 1120.