Solved: Ben white a retailer adds 25 to the cost of goods, Accounting Basics

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Ben white a retailer adds 25 to the cost of goods

Question: Ben White, a retailer, adds 25 % to the cost of goods purchased for resale to arrive at his selling prices. His financial position at 30th June, 1961 was:

During the year ended 30th June, 1962 he:

(a) paid £11,675 for Goods for Resale.

(b) repaid £500 of the Loan from Z. *Re-printed by courtesy of the Royal Society of Arts (R.S.A.). the-printed by courtesy of the Society of Incorporated Accountants (S.A.A.).

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Accounting Basics: Ben white a retailer adds 25 to the cost of goods

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