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Querist : Anonymous

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Querist : Anonymous (Querist)
19 February 2011 Y Ltd.purchased 500 units of raw material @ Rs15/unit gross less 10% Trade Discount.Sales tax is chargeable @5% on Net Price.The Exice Duty element on the product is Rs. 12/unit against which MODVAT can be claimed.The Company spent Rs. 1000 on transportation and Rs. 500 for loading and unlaoding.Calculate the Cost of Purchase of Raw material
please provide complete entry for all the above events
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Kumar

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Kumar (Expert)
20 February 2011 Dr. Inventory Rs. 6,750 + Rs. 1,500
Dr. Cenvat Credit (Asset) Rs. 6,000
Dr. VAT credit Rs. 637.50
Cr. Supplier Rs. 13,387.50
Cr. Supplier/TLU vendor Rs. 1500

Transportation and Loading & Unloading (TLU) costs are directly attributable to the acquisition of the inventory and hence to be included in the cost of the inventory.
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