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Question
A page from the savings bank account of Mrs Ravi is given below.
| Date | Particulars | Withdrawal (Rs.) |
Deposit (Rs.) | Balance (Rs.) |
| April 3rd 2006 | B/F | 6000 | ||
| April 7th | By cash | 2300 | 8300 | |
| April 15th | By cheque | 3500 | 11800 | |
| May 20th | To self | 4200 | 7600 | |
| June 10th | By cash | 5800 | 13400 | |
| June 15th | To self | 3100 | 10300 | |
| August 13th | By cheque | 1000 | 11300 | |
| August 25th | To self | 7400 | 3900 | |
| September 6th 2006 |
By cash | 2000 | 5900 |
She closed the account on 30th September 2006. Calculate the interest Mrs Ravi earned
at the end of 30th September 2006 at 4.5% per annum interest. Hence, find the
amount she receives on closing the account.
Solution
Since the interest is earned on the minimum balance between 10th day and the last day of the month as per entries, we have
Minimum balance for April = Rs. 8300
Minimum balance for May = Rs. 7600
Minimum balance for June = Rs. 10300
Minimum balance for July = Rs. 10300
Minimum balance for August = Rs. 3900
Minimum balance for September = Rs. 0
Total balance = Rs. 40400
⇒ Total amount qualifying for interest = Rs. 40400
⇒ Principle for 1 month `(1/12 year)` = Rs 40400
Rate of interest = 4.5% per annum
⇒ Interest = Rs `(40400xx4.5 xx 1/12)/100` = Rs 151.50
Amount = Balance in the account in last month + Interest
= 5900 + 151.5
= Rs 6051.50
Thus, Mrs Ravi receives Rs. 6051.50 on closing the account.
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| Date | Particulars | Withdrawal (In Rs.) |
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