Try using the VLOOKUP() function.
in the abc.xls book
=VLOOKUP(B1,'C:\[masterpricelist.xls]Sheet1'!$A:$D,4,0)

where B1 contains the id of the item. The id for the item would need to be in the A column of the masterpricelist.xls file. You would need to adjust the file location and the sheet name to match your set up.