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Question
Akash, an employee of a bank, has a saving bank account in his bank that pays him
interest at the rate of 5% p.a., which is compounded every June and December. His passbook entries are as follow:
| Date | Particulars | Withdrawals(₹) | Deposits(₹) | Balance(₹) |
| Feb. 3, 1981 | By cash | - | 500·00 | 500·00 |
| Feb, 11 | To cheque no. 371 | 200·00 | - | 300·00 |
| Feb. 11 | By cheque | - | 700·00 | 1,000·00 |
| March 1 | By salary | - | 2,350·00 | 3,350·00 |
| March 4 | To withdrawals slip | 1,500·00 | - | 1,850·00 |
| March 31 | To Urnil | 150·00 | - | 1,700·00 |
| April 1 | By salary | - | 2.350·00 | 4,050·00 |
| April 2 | To Sri Ram | 1,800·00 | - | 2,250·00 |
| May 1 | By salary | - | 2,350·00 | 4,600·00 |
| May 3 | To accountant | 2,000·00 | - | 2,600·00 |
Calculate the interest due at the end of June and find the balance on July 1, if he deposits a cash of? 100 on July 1, which is also entered immediately.
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Solution
Principal for the month of Feb = ₹ 300
Principal for the month of March = ₹ 1,700
Principal for the month of April = ₹ 2,250
Principal for the month of May = ₹ 2,600
Principal for the month of June = ₹ 2,600
Total = ₹ 9,450
Principal for one month = ₹ 9,450
Rate (R) = 5%
Interest at the end of June (I)
= `("P" xx "R" xx "T")/(100)`
= ₹`(9,450 xx 5)/(100) xx (1)/(12)`
= ₹39·38
Balance on July 1 = ₹ (2,600 + 39·38 + 100) = ₹ 2,739·38.
RELATED QUESTIONS
The maturity value of an R.D. Account is ₹ 16176. If the monthly instalment is ₹ 400 and the rate of interest is 8%; find the time (period) of this R.D Account.
A page from the passbook of a savings book account in a particular year is given below:
| Date | Particulars | Debit (In Rs) | Credit (In Rs) | Balance (In Rs) |
| Jan 3 | By cash | 5,000.00 | 5,000.00 | |
| Feb 13 | To self | 500.00 | ||
| March 24 | By cheque | 2,000.00 | ||
| March 31 | By Interest | |||
| May 20 | By cash | 800.00 | ||
| July 7 | To Cheque | 1,400.00 | ||
| July 18 | By cash | 1,600.00 | ||
| Sept 15 | To Cheque | 3,200.00 | ||
| Sept 26 | By Cheque | 2,350.00 |
If the interest is calculated at 6% P.a. and is compounded at the end of march and September at every year, find the interest earned up to 31st march and then after completing all the entries, find the amount that the account holder would have received had he closed the account on 20th October the same year.
A man holds a savings bank account in the union bank of India. A page of his passbook shows the following entries:
| Date | Particulars | Withdrawals (Rs) | Deposits (Rs) | Balance (Rs) |
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| 05.01.2008 | By B/F | 24650.00 | ||
| 09.01.2008 | By cash | 14390.00 | 39040.00 | |
| 15.02.2008 | To Cheque | 7600.00 | 31440.00 | |
| 21.02.2008 | By Cheque | 8350.00 | 39790.00 | |
| 07.03.2008 | To Cash | 4000.00 | 35790.00 | |
| 31.03.2008 | By Interest | |||
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| 12.04.2008 | To Cash | 6000.00 | ||
| 01.05.200 | By Cheque | 17350.00 | ||
| 16.06.2008 | By Cash | 9000.00 | ||
| 27.06.2008 | To Cash | 4370.00 | ||
| 04.07.2008 | By Cheque | 21320.00 | ||
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| Feb. 1 | By cash | - | 50·00 | 50·00 |
| Feb. 2 | By salary | - | 1,000·00 | 1,050·00 |
| Feb. 4 | To withdrawn slip | 200·00 | - | 850·00 |
| Feb. 15 | By overtime allowance | - | 300·00 | 1,150·00 |
| Feb. 24 | To Aslam | 100·00 | - | 1,050·00 |
| March 1 | By salary | - | 1,000·00 | 2,050·00 |
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| March 21 | To cheque no. 213 | 700·00 | - | 850·00 |
| March 27 | To self | 400·00 | - | 450·00 |
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| Apr. 11 | By interest | - | - | - |
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