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Question
Suresh has joined a factory which pays wages by cheque only. He opens a S.B. account on Feb. 1, and his passbook has the following entries Upto 1st April of the year.
| Date | Particulars | Withdrawals(₹) | Deposits(₹) | Balance(₹) |
| 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| Feb. 4 | To withdrawn slip | 200·00 | - | 850·00 |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 |
| March 7 | To cheque no. 212 | 500·00 | - | 1,550·00 |
| March 21 | To cheque no. 213 | 700·00 | - | 850·00 |
| March 27 | To self | 400·00 | - | 450·00 |
| Apr. 1 | By salary | - | 1,000·00 | 1,450·00 |
| Apr. 11 | By interest | - | - | - |
He closes the account on 11th April. Complete the entries for 11th April at the rate of 5%
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Solution
Principal for the month of February = ₹ 850·00
March = ₹ 450·00
Total = ₹ 1,300·00
Here,
P = ₹ 1,300·00, R = 5 % p.a., T = `(1)/(12)"yr"`
∴ Interest (I) = `("P" xx "R" xx "T")/(100)`
= `(1,300 xx 5 xx 1)/(100 xx 12)`
= `(65)/(12)`
= ₹ 5·42p.a.
Hence, 11th entry in the passbook = ₹ 1,450 + 5·42 = ₹ 1,455·42.
RELATED QUESTIONS
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Amount Deposits (In Rs) |
Balance (In Rs) |
| 09.08.1999 11.08.1999 05.10.1999 10.10.1999 27.11.1999 29.11.1999 |
By Cash By Cheque To Cheque By Cash By Cheque By Cash |
- - 12,000 - 5,000 - |
10,000 5,000 - 17,000 - 3,000 |
10,000 15,000 3,000 20,000 15,000 18,000 |
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| Date | Particulars | Amount Withdrawn (Dr) Rs P | Amount Deposits (Cr) Rs. P | Balance Rs. P |
| Jan 5 March 7 April 2 April 10 Oct , 6 Dec, 8 |
Balance B/F To Cheque By Cheque By Cheque By Cheque By Cash |
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| 3.7.12 | By cash | 690.00 | ||
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| 20.11.12 | By Cheque | 3,000.00 | ||
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| 01.04.2007 | By B/F | 16500.00 | ||
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Deposits (in ₹) |
Balance (in ₹) |
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