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Question
Given below are the entries in a Savings Bank A/c passbook:
| Date | Particulars | Withdrawals (in ₹) |
Deposits (in ₹) |
Balance (in ₹) |
| Feb 8 | B/F | - | - | ₹ 8,500 |
| Feb 18 | To self | ₹ 4,000 | - | - |
| April 12 | By cash | - | ₹ 2,230 | - |
| June 15 | To self | ₹ 5,000 | - | - |
| July 8 | By cash | - | ₹ 6,000 | - |
Calculate the interest for six months from February to July at 6 % p.a.
Solution
| Date | Particulars | Withdrawals (in ₹) |
Deposits (in ₹) |
Balance (in ₹) |
| Feb 8 | B/F | - | - | ₹ 8,500 |
| Feb 18 | To self | ₹ 4,000 | - | ₹ 4,500 |
| April 12 | By cash | - | ₹ 2,230 | ₹ 6,730 |
| June 15 | To self | ₹ 5,000 | - | ₹ 1,730 |
| July 8 | By cash | - | ₹ 6,000 | ₹ 7,730 |
Qualifying amount for interest
for the month of February = ₹ 4,500
for the month of March = ₹ 4,500
for the month of April = ₹ 4,500
for the month of May = ₹ 6,730
for the month of June = ₹ 1,730
for the month of July = ₹ 7,730
Total ₹ 29,690
Interest = `(29,690 xx 6 xx 1)/(100 xx 12)`
= ₹ 148·45.
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