Two (15 Marks ) a) State the correct VAT treatment of the following transactions in the VAT account: i) Credit notes received by a VAT registered trader ii) Credit notes issued by a VAT registered trader iii) Debit notes issued by a VAT registered trader iv) Debit note received by a VAT registered trader b) The following are the sales and purchases of Primax ltd, a supplier of vatable goods, for the six months periods ended 31 December 2024: Sales Standard Zero-rated Exempt July 4,200,000 1,050,000 560,000 August 3,500,000 875,000 850,000 September 2,800,000 560,000 315,000 October 90,000 140,000 2,472,500 November 2,100,000 350,000 280,000 December 5,600,000 1,330,000 595,000 All prices for sales are exclusive of VAT at 16% where applicable Purchases Standard Zero-rated Exempt July 2,800,000 540,000 288,000 August 1,800,000 450,000 180,000 September 1,440,000 288,000 162,000 October 2,520,000 720,000 1,430,000 November 1,080,000 180,000 144,000 December 2,880,000 684,000 306,000 All prices for purchases are exclusive of VAT at 16% where applicable Services and consumables Stationeri es Electrici ty Securit y Wate r Garbag e collectio n Office furnitu re Entertainme nt July 522,000 92,800 185,60 0 18,00 0 30,160 58,000 Nil August 626,400 132,240 185,60 0 19,40 0 30,160 Nil Nil