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Mr. Punjwanis Saving Account Passbook Had the Following Entries, the Bank Pays Interest at 4.5°/O on All Sb Accounts - Mathematics

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/-. 

  Is there an error in this question or solution?
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APPEARS IN

Frank ICSE Class 10 Mathematics Part 2
Chapter 3 Banking
Exercise 3.1 | Q 8 | Page 46
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