Sum
Mr. Punjwanis saving account passbook had the following entries, The bank pays interest at 4.5°/o on all SB accounts. Find the amount received by Mr. Punjwani when he closed the acoount on 2S'h July 08.
| Date | Particulars | Withdrawls | Deposits | Balance |
| 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 | |||
| 08.04.2008 | By Cheque | 13670.00 | ||
| 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 | ||
| 11.07.2008 | To Cheque | 9460.00 | c |
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Solution
| Months | Minimum balance between 10th day and the last day |
| Jan | 39040 |
| Feb | 31440 |
| Mar | 35790 |
Principal at the end of march =Rs 106270
Interest = `(106270 xx 4.5 xx 1)/(100 xx 12) = 398.51`
So the interest is Rs 399
After substituting th is interest the pass book is as follows:
| Date | Particulars | Withdrawls | Deposits | Balance |
| 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 | 399.00 | 36189.00 | |
| 08.04.2008 | By Cheque | 13670.00 | 49859.00 | |
| 12.04.2008 | To Cash | 6000.00 | 43859.00 | |
| 01.05.200 | By Cheque | 17350.00 | 61209.00 | |
| 16.06.2008 | By Cash | 9000.00 | 70209.00 | |
| 27.06.2008 | To Cash | 4370.00 | 65839.00 | |
| 04.07.2008 | By Cheque | 21320.00 | 87159.00 | |
| 11.07.2008 | To Cheque | 9460.00 | 77699.00 |
Net Money that Mr. Punjwani will get is Rs 77,699/-.
Concept: Computation of Interest
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