Login/Sign Up
Mr. Punjwanis saving account passbook had the following entries, The bank pays interest at $4.5%$ on all SB accounts. Find the amount received by Mr. Punjwani when he closed the account on 25th July 08
Mr. Punjwanis saving account passbook had the following entries, The bank pays interest at $4.5%$ on all SB accounts. Find the amount received by Mr. Punjwani when he closed the account on 25th July 08
Banking | Class 10 | Frank | ICSE | Maths
Mr. Punjwanis saving account passbook had the following entries, The bank pays interest at $4.5%$ on all SB accounts. Find the amount received by Mr. Punjwani when he closed the account on 25th July 08
DateParticularWithdrawalsDepositsBalance
05.01.2008By B/F$24,650.00$
09.01.2008By Cash$14,390.00$$39,040.00$
15.02.2008To Cheque$7,600.00$$31,440.00$
21.02.2008By Cheque$8,350.00$$39,790.00$
07.03.2008To Cash$4,000.00$$35,790.00$
31.03.2008By Interest
08.04.2008By Cheque$13,670.00$
12.04.2008To Cash$6,000.00$
01.05.2008By Cheque$17,350$
16.06.2008By Cash$9,000.00$
27.06.2008To Cash$4,370.00$
04.07.2008By Cheque$21,320.00$
11.07.2008To Cheque$9,460.00$
MonthsMinimum balance between 10th day and the last day
January$39,040$
February$31,440$
March$35,790$

Total principal for at the end of March = ₹ $1,06,270$

So, Interest at the end of March

$=(1,06,270\times 4.5\times 1)/(100\times 12)$

$=398.51$

Hence, interest is ₹ $399$

Then, entering the interest in the passbook we get,

DateParticularWithdrawalsDepositsBalance
05.01.2008By B/F$24,650.00$
09.01.2008By Cash$14,390.00$$39,040.00$
15.02.2008To Cheque$7,600.00$$31,440.00$
21.02.2008By Cheque$8,350.00$$39,790.00$
07.03.2008To Cash$4,000.00$$35,790.00$
31.03.2008By Interest$399.00$$36,189.00$
08.04.2008By Cheque$13,670.00$$49,859.00$
12.04.2008To Cash$6,000.00$$43,859.00$
01.05.2008By Cheque$17,350.00$$61,209.00$
16.06.2008By Cash$9,000.00$$70,209.00$
27.06.2008To Cash$4,370.00$$65,839.00$
04.07.2008By Cheque$21,320.00$$87,159.00$
11.07.2008To Cheque$9,460.00$$77,699.00$

Therefore, Net money that Mr. Punjwani will get ₹ $77,699$

i

More Material