Journal entry

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?

Replies (1)
entry will be like below as per my understanding:
purchase ACC. Dr
bed ACC. dr
cess ACC Dr
input vat ACC. dr
surcharge ACC Dr
insurance ACC Dr
freight ACC Dr
service tax ACC Dr
swacch Bharat cess ACC Dr
creditor ACC............................cr

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