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ACCOUNTING ENTRY

This query is : Resolved 
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(Querist)
29 April 2009 WE ARE NOT VAT REGISTERED BUT WE HAVE SALES TAX NO. OUR CREDITOR CHARGES US VAT @ 4% ON ELECTRONIC HARDWARE & COMPUTER ACCESSORIES GOODS.

WE PASS FOLLOWING ENTRY IN BOOK OF ACCOUNTS :

ELECTRONIC HARDWARE ITMS A/C DR. XXX
TO SUNDRY CREDITORS A/C XXX

SUNDRY CREDITORS A/C DR. XXX
TO BANK A/C XXX

IS IT RIGHT PRACTICE??

CAN WE HAVE VAT CREDIT??

PLEASE SUGGEST.
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Rupesh Jha

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Rupesh Jha (Expert)
30 April 2009 your entry is right.
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