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
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