Webisco Foods Limited (WFL) is a trading company that does brisk trading in the baking and delivery industry. WFL is located in a busy hub of St. Johns, Jamaica and has subsidiaries in Caribbean countries such as Trinidad and Tobago and Barbados. The business is VAT/GCT registered with Tax Administration Jamaica, and the subsidiaries also registered with the Tax Authorities in the respective countries. WFL has just come to the end of it sbi-monthly VAT/GCT period. The company has recorded the following transactions over the period:

Sales -VAT/GCT inclusive J$130,000

Sales - VAT/GCT exclusive J$120,000

Purchases VAT inclusive J$75,000

Purchases VAT inclusive J$50,000

Imports of J$75,000 inclusive of J$15,000 VAT

The VAT/GCT rate is 12.5% on Sales and on Purchases

Requirements:

1. Show the summarized transactions as they would appear in the books of WFL.

2. What are the VAT/GCT Payable / Refundable for the period?