Reference no: EM132664721

Question - The following were selected from amount the transaction complete by DATA a vat register merchandising from during January of the current year

1. Received cash from sales of furniture Br 250000

2. Paid entertainment expense Br 5000

3. Purchase row material for Br 490000 for cash

4. Paid utility expense Br 20000

5. Sales of furniture on account Br 30000

6. Paid salary expense Br 28000

7. Paid supplies expense Br 20000

Required -

1. Record the necessary journal entries related to the transaction.

2. Determine the vat.

3. Prepare profit and loss statement assuming business profit is 30%.