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Question
Given below is a page from the passbook of a saving bank account of Dolly Majumdar. Complete the entries in the passbook and find the interest earned by the account holder in the month of November if the rate of simple interest is 5°/o pa.
| Date | Particular | Withdrawals | Deposits | Balance |
| 01.04.2007 | By B/F | 16500.00 | ||
| 15.04.2007 | By Cash | 2500.00 | ||
| 09.06.2007 | To Cheque | 6500.00 | ||
| 04.07.2007 | By Cash | 9000.00 | ||
| 12.07.2007 | To Cash | 3500.00 | ||
| 05.09.2007 | To Cash | 4000.00 | ||
| 10.11.2007 | By Cheque | 12000.00 |
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Solution
Balance =Previous Balance +Deposit - Withdrawal. Using this formula, we get following values in Balance column
| Date | Particulars | Withdrawals | Deposits | Balance |
| 01.04.2007 | By B/F | 16500.00 | ||
| 15.04.2007 | By Cash | 2500.00 | 19000.00 | |
| 09.06.2007 | To Cheque | 6500.00 | 12500.00 | |
| 04.07.2007 | By Cash | 9000.00 | 21500.00 | |
| 12.07.2007 | To Cash | 3500.00 | 18000.00 | |
| 05.09.2007 | To Cash | 4000.00 | 14000.00 | |
| 10.11.2007 | By Cheque | 12000.00 | 26000.00 |
Interest earned by account holder 1n the month of November
| Months | Minimum balance between 10th day and the last day |
| Apr | 16500 |
| May | 19000 |
| June | 12500 |
| July | 18000 |
| Aug | 18000 |
| Sep | 14000 |
| Oct | 14000 |
| Nov | 26000 |
Total principal at the end of Nov =Rs 1,38,000
Interest = `(138000 xx 5 xx 1)/(100 xx 12) = 575`
Hence the interest earned is Rs 575.
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