Question 1: Explain the following:
i) A man opened saving bank account in State Bank of India on 3rd Sept. 12 with Rs.2,700. He withdrew Rs.1,200 from the bank on 8th Sept. 12 and deposited Rs.500 on 17th Sept. 12. If he did not make any further deposits or withdrawals during this month; find the amount on which he would receive interest for sept.12
ii) A woman opened a saving bank account in Bank on 7th Nov. 08 and deposited Rs.750. She withdrew Rs.200 on 30th Nov. 08. If no other withdrawals or deposit was made by her during this month; find the amount on which she would receive interest for the month of November 08.
Answer:
i)
Date | Particulars | Withdrawals (Rs.) | Deposits (Rs.) | Balance (Rs.) |
3-09-12 | Cash | 2700 | 2700 | |
8-09-12 | Cash | 1200 | 1500 | |
10-09-12 | 1500 | |||
17-09-12 | Cash | 500 | 2000 |
Amount on which you get interest = the minimum balance on 10th day up to the last day of the month = Rs. 1500
ii)
Date | Particulars | Withdrawals (Rs.) | Deposits (Rs.) | Balance (Rs.) |
7-11-08 | Cash | 750 | 750 | |
10-11-08 | 750 | |||
30-11-08 | Cash | 200 | 550 |
Amount on which you get interest = the minimum balance on 10th day up to the last day of the month = Rs. 550
Question 2: A man open a saving bank account with a Bank on 22nd Feb 1998 and deposited Rs.300. He further deposited Rs.1,500 on 5th March 1998 and withdrew Rs.500 on 12th April 1998. Assuming that he neither deposit nor withdrew any money up to the last day of May 1998; write the amounts on which he would receive interest for:
- Feb, 1998
- March, 1998
- April, 1998
- May, 1998
Answer:
Date | Particulars | Withdrawals (Rs.) | Deposits (Rs.) | Balance (Rs.) |
10-02-98 | 0 | |||
22-02-98 | Cash | 300 | 300 | |
28-02-98 | 300 | |||
5-03-98 | Cash | 1500 | 1800 | |
10-03-98 | 1800 | |||
31-03-98 | 1800 | |||
10-04-98 | 1800 | |||
12-04-98 | Cash | 500 | 1300 | |
30-04-98 | 1300 | |||
10-05-98 | 1300 | |||
31-05-98 | 1300 |
Amount on which you get interest = the minimum balance on 10th day up to the last day of the month
Therefore for:
Feb 1998 you get interest on Rs. 0
March 1998 you get interest on Rs. 1800
April 1998 you get interest on Rs. 1300
May 1998 you get interest on Rs. 1300
Question 3: A man has saving Bank account in a bank. In the months of April,11 and May,11 he had the following entries in his passbook.
Date | Particulars | Withdrawals (Rs.) | Deposits (Rs.) | Balance (Rs.) |
April 1 | By Balance | 4,600.00 | ||
April 7 | By Cash | 1,200.00 | 5,800.00 | |
April 24 | To Cheque | 800.00 | 5,000.00 | |
May 16 | By Cheque | 2,000.00 | 7,000.00 | |
May 29 | To Cash | 1,500.00 | 5,500.00 |
Find the amounts on which he will get interest for the months or April, 2011 and May, 2011.
Answer:
Date | Particulars | Withdrawals (Rs.) | Deposits (Rs.) | Balance (Rs.) |
April 1 | By Balance | 4,600.00 | ||
April 7 | By Cash | 1,200.00 | 5,800.00 | |
April 10 | 5800.00 | |||
April 24 | To Cheque | 800.00 | 5,000.00 | |
May 10 | 5000.00 | |||
May 16 | By Cheque | 2,000.00 | 7,000.00 | |
May 29 | To Cash | 1,500.00 | 5,500.00 |
Amount on which you get interest = the minimum balance on 10th day up to the last day of the month
Therefore for April 2011 the amount would be Rs. 5000 and May 2011 the amount would be Rs. 5000 as well.
Question 4: A page from the passbook of a woman is below:
Date | Particulars | Withdrawals (Rs.) | Deposits (Rs.) | Balance (Rs.) |
Jan. 5 | Balance B/F | 3,750.00 | ||
March 7 | To Cheque | 1,200.00 | ||
April 2 | By Cheque | 2,300.00 | ||
April 10 | By Cheque | 820.00 | ||
Oct. 6 | To Cheque | 950.00 | ||
Dec. 8 | By Cash | 1,700.00 |
Complete the passbook and then calculate the interest for the period January to December at 5% per Annum.
Answer:
Date | Particulars | Withdrawals (Rs.) | Deposits (Rs.) | Balance (Rs.) |
Jan. 5 | Balance B/F | 3,750.00 | ||
March 7 | To Cheque | 1,200.00 | 2550.00 | |
April 2 | By Cheque | 2,300.00 | 4850.00 | |
April 10 | By Cheque | 820.00 | 5670.00 | |
Oct. 6 | To Cheque | 950.00 | 4720.00 | |
Dec. 8 | By Cash | 1,700.00 | 6420.00 |
For January amount on which you get interest = the minimum balance on 10th day up to the last day of the month = Rs. 3750
Qualifying principal for various months:
Month | Principal (Rs.) |
January | 3750 |
February | 3750 |
March | 2550 |
April | 5670 |
May | 5670 |
June | 5670 |
July | 5670 |
August | 5670 |
September | 5670 |
October | 4720 |
November | 4720 |
December | 6420 |
Total | 59930 |
Question 5: The entries in a Saving Bank passbook are given below:
Date | Particulars | Withdrawals (Rs.) | Deposits (Rs.) | Balance (Rs.) |
01.01.03 | B/F | 14,00.00 | ||
01.02.03 | By Cash | 11,500.00 | 25,500.00 | |
12.02.03 | To Cheque | 5,000 | 20,500.00 | |
05.04.03 | By Cash | 3,750.00 | 24,250.00 | |
15.04.03 | To Cheque | 4,250.00 | 20,000.00 | |
09.05.03 | By Cash | 1,500.00 | 21,500.00 | |
04.06.03 | By Cash | 1,500.00 | 23,000.00 |
Calculate the interest for six months (January to June) at 4% per Annum on the minimum balance on or after the tenth day of each month. [2004]
Answer:
Qualifying principal for various months:
Month | Principal (Rs.) |
January | 14000 |
February | 20500 |
March | 20500 |
April | 20000 |
May | 21500 |
June | 23000 |
Total = Rs. 119500
Question 6: A page from the passbook of Mrs. Rama Bhalla is given below:
Date Year 2004 | Particulars | Withdrawals (Rs.) | Deposits (Rs.) | Balance (Rs.) |
January 1 | B/F | 2,000.00 | ||
January 9 | By Cash | 200.00 | 2,200.00 | |
February 10 | To Cheque | 500.00 | 1,700.00 | |
February 24 | By Cheque | 300.00 | 2,000.00 | |
July 29 | To Cheque | 200.00 | 1,800.00 | |
November 7 | By Cash | 300.00 | 2,100.00 | |
December 8 | By Cash | 200.00 | 2,300.00 |
Calculate the interest to Mrs. Rama Bhalla for the period of January 2004 to December 2004, at the rate of 5% per annum. [2005]
Answer:
Qualifying principal for various months:
Month | Principal (Rs.) |
January | 2200 |
February | 1700 |
March | 2000 |
April | 2000 |
May | 2000 |
June | 2000 |
July | 1800 |
August | 1800 |
September | 1800 |
October | 1800 |
November | 2100 |
December | 2300 |
Total | 23500 |
Question 7: A man has a Saving bank account with Post Office.
Calculate the interest earned by him during the year 2010 at 6.5% per annum payable in December if the entries during the year in his passbook are as given below:
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 | |
24.7.10 | By Cash | 1,237.00 | |
6.10.10 | To Cheque | 250.00 | |
22.12.10 | By Cheque | 958.00 |
Also, Calculate the interest when the principal for every month is taken as the nearest multiple of Rs.10.
Answer:
Completing the passbook
Date | Particulars | Withdrawals (Rs.) | Deposits (Rs.) | Balance |
2.1.10 | By Cash | 250.00 | 250.00 | |
9.1.10 | By Cheque | 825.00 | 1075.00 | |
13.3.10 | To Cash | 325.00 | 750.00 | |
24.7.10 | By Cash | 1,237.00 | 1987.00 | |
6.10.10 | To Cheque | 250.00 | 1737.00 | |
22.12.10 | By Cheque | 958.00 | 2695.00 |
Qualifying principal for various months:
Month | Principal (Rs.) | Principal (nearest to Rs. 10) |
January | 1075 | 1080 |
February | 1075 | 1080 |
March | 750 | 750 |
April | 750 | 750 |
May | 750 | 750 |
June | 750 | 750 |
July | 750 | 750 |
August | 1987 | 1990 |
September | 1987 | 1990 |
October | 1737 | 1740 |
November | 1737 | 1740 |
December | 1737 | 1740 |
Total | 15085 | 15110 |
i)
ii)
Question 8: A Saving bank account was opened by a woman on 3.7.12 and closed on 31.01.13. the entries in the passbook of were as given below:
Date | Particulars | Withdrawals (Rs.) | Deposits (Rs.) | Balance (Rs.) |
3.7.12 | By Cash | 690.00 | ||
15.7.12 | By Cash | 1,153.00 | ||
27.8.12 | By Cheque | 2,468.00 | ||
30.8.12 | To Cash | 946.00 | ||
12.9.12 | To Cheque | 1,000.00 | ||
20.11.12 | By Cheque | 3,000.00 | ||
26.11.12 | By Cash | 750.00 | ||
28.11.12 | To Cash | 1,570.00 |
By finding the balance on different dates of entries calculate the interest earned by her. For the period, she has this saving bank account, at rate of 6% p.a.
Also, Calculate the interest when the principal for every month is taken as the nearest multiple of Rs.10
Answer:
First completing the table
Date | Particulars | Withdrawals (Rs.) | Deposits (Rs.) | Balance (Rs.) |
3.7.12 | By Cash | 690.00 | 690.00 | |
15.7.12 | By Cash | 1,153.00 | 1843.00 | |
27.8.12 | By Cheque | 2,468.00 | 4311.00 | |
30.8.12 | To Cash | 946.00 | 3365.00 | |
12.9.12 | To Cheque | 1,000.00 | 2365.00 | |
20.11.12 | By Cheque | 3,000.00 | 5365.00 | |
26.11.12 | By Cash | 750.00 | 6115.00 | |
28.11.12 | To Cash | 1,570.00 | 4545.00 |
Qualifying principal for various months:
Month | Principal (Rs.) | Principal (nearest to Rs. 10) |
July | 690 | 690 |
August | 1843 | 1840 |
September | 2365 | 2370 |
October | 2365 | 2370 |
November | 2365 | 2370 |
December | 4545 | 4550 |
Total | 14173 | 14190 |
i)
ii)
Question 9: A man had a saving Bank account with the State Bank of India, from 13th Feb. 09 to 6th August 09. The following table shows the entries in her passbook for the above said period. Calculate the interest earned by him on his S.B. Account up to 31st July,09 at the rate of 5% per annum.
Date | Particulars | Withdrawals (Rs.) | Deposits (Rs.) | Balance (Rs.) |
Feb. 13 | By Cash | 500.00 | 500.00 | |
March 3 | By Cheque | 735.00 | 1,235.00 | |
March 14 | By Cheque | 1,040.00 | 2,275.00 | |
May 10 | To Cheque | 240.00 | 2,035.00 | |
May 22 | To Cash | 430.00 | 1,605.00 | |
June 09 | By Cash | 780.00 | 2,385.00 | |
July 26 | To Cash | 980.00 | 1,405.00 |
Answer:
Qualifying principal for various months:
Money | Principal (Rs.) |
February | 0 |
March | 1235 |
April | 2275 |
May | 1605 |
June | 2385 |
July | 1405 |
Total | 8905 |
Question 10: A page from the passbook of a saving bank account in a particular year is given below:
Date | Particulars | Debit (Rs.) | Credit (Rs.) | Balance (Rs.) |
Jan. 3 | By Cash | 5,000.00 | 5,000.00 | |
Feb 13 | To Self | 500.00 | ||
March 24 | By Cheque | 2,000.00 | ||
March 31 | By Interest | |||
May 20 | By Cash | 800.00 | ||
July 7 | To Cheque | 1,400.00 | ||
July 18 | By Cash | 1,600.00 | ||
Sept. 15 | To Cheque | 3,200.00 | ||
Sept. 26 | By Cheque | 2,350.00 |
If the interest is calculated at 6% p.a. and is compounded at the end of March and September every year find the interest earned up to 31st March and then after completing all the entries, find the amount that the account holder would have receive had he closed the account on 20th Oct. the same year.
Answer:
Date | Particulars | Debit (Rs.) | Credit (Rs.) | Balance (Rs.) |
Jan. 3 | By Cash | 5,000.00 | 5,000.00 | |
Feb 13 | To Self | 500.00 | 4500.00 | |
March 24 | By Cheque | 2,000.00 | 6500.00 | |
March 31 | By Interest | 70.00 | 6570.00 | |
May 20 | By Cash | 800.00 | 7370.00 | |
July 7 | To Cheque | 1,400.00 | 5970.00 | |
July 18 | By Cash | 1,600.00 | 7570.00 | |
Sept. 15 | To Cheque | 3,200.00 | 4370.00 | |
Sept. 26 | By Cheque | 2,350.00 | 6720.00 | |
Sept. 31 | By Interest |
March Interest:
Qualifying principal for various months:
Month | Principal (Rs.) |
January | 5000 |
February | 4500 |
March | 4500 |
April | 6570 |
May | 6570 |
June | 7370 |
July | 5970 |
August | 7570 |
September | 4370 |
Total | 52420 |
September Interest:
Amount the person will get = Rs. 6720+262.10 = Rs. 6982.10
Question 11: A page from Saving Bank account of Mr. Prateek is given below:
Date | Particulars | Withdrawals (Rs.) | Deposits (Rs.) | Balance (Rs.) |
January 1st 2006 | B/F | – | – | 1,270 |
January 7th 2006 | By Cheque | – | 2,310 | 3,580 |
March 9th 2006 | To Self | 2,000 | – | 1,580 |
March 26th 2006 | By Cash | – | 6,200 | 7,780 |
June 10th 2006 | To Cheque | 4,500 | – | 3,280 |
July 15th 2006 | By Clearing | – | 2,630 | 5,910 |
October 18th 2006 | To Cheque | 530 | – | 5,380 |
October 27th 2006 | To Self | 2,690 | – | 2,690 |
November 3rd 2006 | By Cash | – | 1,500 | 4,190 |
December 6th 2006 | To Cheque | 950 | – | 3,240 |
December 23rd 2006 | By Transfer | – | 2,920 | 6,160 |
If he receives Rs.198 as interest on 1st January 2007. Find the rate of interest paid by the bank. [2012]
Answer:
Qualifying principal for various months:
Month | Principal (Rs.) |
January | 3580 |
February | 3580 |
March | 1580 |
April | 7780 |
May | 7780 |
June | 3280 |
July | 3280 |
August | 5910 |
September | 5910 |
October | 2690 |
November | 4190 |
December | 3240 |
Total | 52800 |
Question 12: A man holds a Saving Bank account in the Union Bank of India. A page of his passbook shows the following entries:
Date | Particulars | Withdrawals (Rs.) | Deposits (Rs.) | Balance (Rs.) |
May 1 | B/F | 3,200.00 | ||
May 6 | By Cheque | 500.00 | 3,700.00 | |
May 17 | By Cheque | 800.00 | 4,500.00 | |
June 4 | By Cash | 1,300.00 | 5,800.00 | |
June 9 | To Cheque | 1,650.00 | 4,150.00 |
Calculate the rate of interest per annum if the total interest earned for the month of May and June is Rs.39.25.
Answer:
Question 13: A page from the passbook of a man is given below. The interest accrued for the period of January to December 2006 at a certain rate of interest p.a is Rs.377.40. without taking the principal as the nearest multiple of Rs.10, calculate the rate:
Date 2006 | Particulars | Withdrawals (Rs.) | Deposits (Rs.) | Balance (Rs.) |
Jan. 1 | By Balance | 7,500.00 | ||
March 7 | By Cheque | 1,875.00 | ||
March 10 | By Cash | 625.00 | ||
July 17 | To Self | 3,250.00 | ||
Oct. 5 | By Cheque | 2,160.00 | ||
Dec. 19 | To Cheque | 1,340.00 |
Answer:
Date 2006 | Particulars | Withdrawals (Rs.) | Deposits (Rs.) | Balance (Rs.) |
Jan. 1 | By Balance | 7,500.00 | ||
March 7 | By Cheque | 1,875.00 | 9375.00 | |
March 10 | By Cash | 625.00 | 10000.00 | |
July 17 | To Self | 3,250.00 | 6750.00 | |
Oct. 5 | By Cheque | 2,160.00 | 8910.00 | |
Dec. 19 | To Cheque | 1,340.00 | 7570.00 |
Qualifying principal for various months:
Month | Principal (Rs.) |
January | 7500 |
February | 7500 |
March | 10000 |
April | 10000 |
May | 10000 |
June | 10000 |
July | 6750 |
August | 6750 |
September | 6750 |
October | 8910 |
November | 8910 |
December | 7570 |
Total | 100640 |
Question 14: A man opened a Saving Bank Account with the State Bank of India on 5th April 2007 with Rs.8,500. For the financial year 2007-2008, the other transactions with the bank as given below;
- 15-05-2007; Deposited Rs.3,700
- 27-07-2007; Withdrew Rs.2,400
- 06-09-2007; Withdrew Rs.1,600
- 18-12-2007; Deposited Rs.4,500
- 29-01-2008; Deposited Rs.1,900
- 23-03-2008; Account closed.
Taking rate of interest as 6% per annum, find the amount that he gets on closing the account.
Answer:
Date 2007 | Particulars | Withdrawals (Rs.) | Deposits (Rs.) | Balance (Rs.) |
5-04-2007 | Cash | 8500 | 8500 | |
15-05-2007 | Cash | 3700 | 12200 | |
27-07-2007 | Cash | 2400 | 9800 | |
06-09-2007 | Cash | 1600 | 8200 | |
18-12-2007 | Cash | 4500 | 12700 | |
29-01-2008 | Cash | 1900 | 14600 | |
23-03-2008 | Account Closed |
Qualifying principal for various months:
Month | Principal (Rs.) |
April | 8500 |
May | 8500 |
June | 12200 |
July | 9800 |
August | 9800 |
September | 8200 |
October | 8200 |
November | 8200 |
December | 8200 |
January | 12700 |
February | 14600 |
Total | 108900 |
Question 15: A woman has a saving bank account with the Punjab & National Bank. She had the following transaction (From 1st January 2007 to 31st December 2007) with the bank:
- 01-01-2007; B/F Rs.8,764/-
- 13-03-2007; deposited Rs.6,482/-
- 22-06-2007; withdrew Rs.4,369/-
- 09-08-2007; withdrew Rs.1,333/-
- 24-11-2007; deposited Rs.2,158/-
Calculate the interest accrued up to 31st December 2007; if the rate of interest is 5% compounded yearly and the principal for every month is taken the nearest multiple of 10.
Answer:
Date 2007 | Particulars | Withdrawals (Rs.) | Deposits (Rs.) | Balance (Rs.) |
01-01-2007 | Account Opened | 8764.00 | 8764.00 | |
13-03-2007 | Cash | 6482.00 | 15246.00 | |
22-06-2007 | Cash | 4369.00 | 10877.00 | |
09-08-2007 | Cash | 1333.00 | 9544.00 | |
24-11-2007 | Cash | 2158.00 | 11702.00 |
Qualifying principal for various months:
Month | Principal (Rs.) | Principal(nearest to Rs. 10) |
January | 8764 | 8760 |
February | 8764 | 8760 |
March | 8764 | 8760 |
April | 15246 | 15250 |
May | 15246 | 15250 |
June | 10877 | 10880 |
July | 10877 | 10880 |
August | 9544 | 9540 |
September | 9544 | 9540 |
October | 9544 | 9540 |
November | 9544 | 9540 |
December | 11702 | 11700 |
Total | 128416 | 128400 |
Question 16: Mrs. Kapoor opened a Saving Bank Account in State Bank of India on 9th January 2008. Her passbook entries for the year 2008 are given below:
Date | Particulars | Withdrawals (Rs.) | Deposits (Rs.) | Balance (Rs.) |
Jan. 9, 2008 | By Cash | – | 10,000 | 10,000 |
Feb. 12, 2008 | By Cash | – | 15,500 | 25,500 |
April 6, 2008 | To Cheque | 3,500 | – | 22,000 |
April 30, 2008 | To Self | 2,000 | – | 20,000 |
July 16, 2008 | By Cheque | – | 6,500 | 26,500 |
Aug. 4, 2008 | To Self | 5,500 | – | 21,000 |
Aug. 20, 2008 | To Cheque | 1,200 | – | 19,800 |
Dec. 12, 2008 | By Cash | – | 1,700 | 21,500 |
Mrs. Kapoor closed the account on 31st December 2008. If the bank pays interest at 4% per annum, find the interest he receives on closing the account. Give your answer correct to the nearest rupee. [2010]
Answer:
Date | Particulars | Withdrawals (Rs.) | Deposits (Rs.) | Balance (Rs.) |
Jan. 9, 2008 | By Cash | – | 10,000 | 10,000 |
Feb. 12, 2008 | By Cash | – | 15,500 | 25,500 |
April 6, 2008 | To Cheque | 3,500 | – | 22,000 |
April 30, 2008 | To Self | 2,000 | – | 20,000 |
July 16, 2008 | By Cheque | – | 6,500 | 26,500 |
Aug. 4, 2008 | To Self | 5,500 | – | 21,000 |
Aug. 20, 2008 | To Cheque | 1,200 | – | 19,800 |
Dec. 12, 2008 | By Cash | – | 1,700 | 21,500 |
Qualifying principal for various months:
Month | Principal (Rs.) |
January | 10000 |
February | 10000 |
March | 25500 |
April | 20000 |
May | 20000 |
June | 20000 |
July | 20000 |
August | 19800 |
September | 19800 |
October | 19800 |
November | 19800 |
Total | 204700 |