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WAEC Financial Accounting 1999 Question 37

Question 37

Incomplete Records

Yinka bought goods worth N800.00 and sold at a margin of 20% on selling price. How much did she sell the goods?

  1. A.N1,000
  2. B.N960
  3. C.N933
  4. D.N820.
Show the answer and explanation

Answer: A (N1,000)

Explanation

If margin is 20% of selling price, cost is 80% of it: 800 ÷ 0.8 = N1,000.