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WAEC Financial Accounting 2000 Question 40

Question 40

Incomplete Records

How much did Olu sell goods bought at N1,000 if he sells at a margin of 20% on selling price?

  1. A.N1,250
  2. B.N1,200
  3. C.N1,000
  4. D.N250.
Show the answer and explanation

Answer: A (N1,250)

Explanation

Cost is 80% of selling price: 1,000 ÷ 0.8 = N1,250.