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Question
The entries in the passbook of a Saving Bank Account holder are as follows:
| Date | Particulars | Withdrawals(₹) | Deposits(₹) | Balance(₹) |
| Feb. 12, 1986 | By cash | - | 2,000·00 | 2,000·00 |
| March 10 | By cash | - | 1,100·00 | 3,100·00 |
| April 20 | To cheque no. 231 | 800·00 | - | 2,300·00 |
| April 25 | By cash | - | 700·00 | 3,000·00 |
| May 11 | To cheque no. 232 | 700·00 | - | 2,300·00 |
| July 2 | By cash | - | 400·00 | 2,700·00 |
| July 8 | By cash | - | 500·00 | 3,200·00 |
| Aug. 10 | By cash | - | 600·00 | 3,800·00 |
| Aug. 28 | To cheque no. 233 | 200·00 | - | 3,600·00 |
Rate of interest is 5% per annum. Calculate the interest due if the account is closed on:
(i) September 29, 1986
(ii) October 1, 1986.
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Solution
Principal for the month of February = Nil
Principal for the month of March = ₹ 3,100·00
Principal for the month of April = ₹ 2,300·00
Principal for the month of May = ₹ 2,300·00
Principal for the month of June = ₹ 2,300·00
Principal for the month of July = ₹ 3,200·00
Principal for the month of August = ₹ 3,600·00
Total ₹ 16,800·00
(i) If the account is dosed on Sept 29, 1986, then month of Sept., will not earn interest and principal for one month Rs. 16,800.
Rate = 5% p.a.
Interest = ₹`((16,800 xx 5)/(100) xx (1)/(12))`
= ₹ `(168 xx 5)/(12)`
= ₹ 14 x 5
= ₹ 70
(ii) If the account is closed on Oct. 1, 1986
Interest due for the month of September = `("P" xx "R" xx "T")/(100)`
= ₹`((3,600 xx 5)/(100) xx (1)/(12))`
= ₹ 15
∴ Interest due = ₹ (70 + 15) = ₹ 85.
RELATED QUESTIONS
Ahmed has a recurring deposit account in a bank. He deposits Rs. 2,500 per month for 2 years. If he gets Rs. 66,250 at the time of maturity, find
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| Date | Particulars | Withdrawals (Rs) | Deposits (Rs) |
| 2.1.10 | By cash | 250.00 | |
| 9.1.10 | By Cheque | 825.00 | |
| 13.3.10 | To Cash | 325.00 | |
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| 22.12.10 | By Cheque | 958.00 |
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| 03.01.2006 | By B/F | 17900.00 | ||
| 09.01.2006 | To Cash | 3700.00 | 14200.00 | |
| 06.02.2006 | To Cheque | 2450.00 | 11750.00 | |
| 21.02.2006 | By Cash | 15600.00 | 27350.00 | |
| 17.03.2006 | By Cash | 9850.00 | 37200.00 | |
| 31.03.2006 | By Interest | |||
| 06.06.2006 | To Cheque | 4100.00 | ||
| 22.08.2006 | To Cash | 1500.00 | ||
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| 30.09.2006 | By Interest | |||
| 04.12.2006 | To Cash | 3000.00 | ||
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Amount deposited (₹) |
Balance (₹) |
| 3/4/2006 | B/F | - | - | 4,000·00 |
| 5/4/2006 | By Cash | - | 2,000·00 | 6,000·00 |
| 18/4/2006 | By cheque | - | 6,000·00 | 12,000·00 |
| 25/5/2006 | To cheque | 5,000·00 | - | 7,000·00 |
| 30/5/2006 | By cash | - | 3,000·00 | 10,000·00 |
| 20/7/2006 | By self | 4,000·00 | - | 6,000·00 |
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| May 8 | - | 5,087·00 | 46,700·00 |
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