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12% p.a. Interest on Bank loan ₹ 80,000 for 1 year. - Book Keeping and Accountancy

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Sum

12% p.a. Interest on Bank loan ₹ 80,000 for 1 year.

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Solution

12 % p.a. Interest on Bank loan ₹ 80,000 for 1 year.

I = `"PRN"/100 = 80,000 × 12/100 × 1` = ₹ 9600

Thus, interest on Bank loan ₹ 80,000 for 1 year = ₹ 9600.

Concept: Income and Expenditure Account
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APPEARS IN

Balbharati Book-keeping and Accountancy 12th Standard HSC Maharashtra State Board
Chapter 2 Accounts of ‘Not for Profit’ Concerns
Exercise 2 (Objective Type Questions) | Q 1. G) 2. | Page 114
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