01 January 2010
Ques 1- ABC & Co sales to XYZ & Co 55 Nos of goods @ 1100/-,Excise @ 8%, Cess@2% & H.Ed Cess @1% ,Vat @ 4% & freightCharges Rs 3 per Nos. what is the necessary journal entries in the books of ABC & Co & XYZ & Co?
15 January 2010
In the books of ABC & CO in case of credit sales XYZ & CO A/C Dr.(68270)+ applicable Service tax on Freight. cost of goods sold Cr 60500 Excise BED payable Cr.4840 Excise Edu cess payable cr.97 Excise Higher Edu cess payable cr.48 Sales Tax VAT payable Cr.2619 Freight payable cr. 165 +Service tax payable on freight cr. Same reverse entry will be in the books of XYZ & CO.
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