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Evaluate the cost of goods purchased for resale

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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:

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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.).

Reference no: EM131536614

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