Purchase entry on TN VAT?

Question

In Invoice amount contains (Basic +Excise Duty+Insurance+ Freight), VAT Collected on (Basic +Exciseduty). How to account this transaction? Clarify

Answer 1

Say for example Basic is 1,000, Excise is 100, Insurance is 10, freight is 10 and Vat is 165 (@ 15%).

Total purchase amount will stand at 1,000+100+10+10+165=1,285.

Accounting treatment would be

Store/Purchase 1,285 Debit

Cash/bank/trade creditor 1,020 credit (for Basic, insurance and freight)

Vat/Excise Duty payable 265 credit.

I am bit confused, whether I misinterpreted or right.