A manufacturer receives following invoice
Assessable Tariff Value Rs. 440100
BED 6% Rs. 26406
Cess 12.5% Rs. 550
Total Rs. 467056
VAT 5% Rs. 23353
Surcharge 5% Rs. 1168
Insurance 0.05% Rs. 252
Total Value of goods Rs. 491829
Freigh paid in advance Rs. 12320
Service tax on freight Rs. 517
Swachh Bharat Cess Rs. 18
Grand Total Rs. 504684
What will be the entry in books of manufacturer who received this invoice?
CAclubindia
