Question

I gave a store keeper 10 cedis note for goods bought.he ask for another 5gp for ease change.if he then give me 50gp.how much did i pay the goods?

Answer 1

By using basic principle of accounting, the price of the goods is 955 Gp.

• Convert the currency.

1 Ghanaian cedi note = 100 pesewa coins (Gp)

Therefore, 10 cedis  = 10 x 100 = 1000 Gp

• Do the accounting.

Assign a plus sign for all of the money flowing into your pocket.

Assign a minus sign  for all of the money flowing out of your pocket.

• You gave the store keeper 1000 Gp         ---->  –1000 Gp
• You gave the store keeper another 5 Gp ---->        –5 Gp
• The store keeper gave you 50 Gp            ---->       +50 Gp

Take the sum:

–1000 + (–5) + 50 = –955 Gp

This is your net expenses. Therefore, the price of the goods is 955 Gp.

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