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.
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Journal entry in case of marble block sales
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all the above amounts will be credited and debtor will be debited..
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