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Home » Ms. Chitra opened a saving bank account with SBI on 05.04.2007 with a cheque deposit of Rs . Subsequently, she took out Rs on 12.05.2007; deposited a cheque of Rs. on 03.06.2007 and paid Rs – by cheque on 18.06.2007. (a) Make the entries in her passbookIf the rate of simple interest was pa compounded at the end of March and September, find her balance on 1.04.2008
Ms. Chitra opened a saving bank account with SBI on 05.04.2007 with a cheque deposit of Rs 11000.00. Subsequently, she took out Rs 3,200.00 on 12.05.2007; deposited a cheque of Rs. 8,800.00 on 03.06.2007 and paid Rs 2,000.00– by cheque on 18.06.2007. 
(a) Make the entries in her passbookIf the rate of simple interest was 5% pa compounded at the end of March and September, find her balance on 1.04.2008
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Ms. Chitra opened a saving bank account with SBI on 05.04.2007 with a cheque deposit of Rs 11000.00. Subsequently, she took out Rs 3,200.00 on 12.05.2007; deposited a cheque of Rs. 8,800.00 on 03.06.2007 and paid Rs 2,000.00– by cheque on 18.06.2007. 
(a) Make the entries in her passbookIf the rate of simple interest was 5% pa compounded at the end of March and September, find her balance on 1.04.2008

(a) From giving data in the question,

We have to make the entries in passbook,

So, the table have 5 columns.

The data in 5 columns are,

  • Date
  • Particulars
  •  Withdrawals
  •  Depots
  •  Balance.

Where, Date is the date of transaction, Particular is the details of transaction primarily the name, Withdrawal is the amount that has been taken out from account, Deposit is the amount that has been given to the account, balance is net amount remaining in the account after subtracting or adding the amount as applicable.

DateParticularWithdrawalsDepositsBalance
05.04.2007By Cheque11000.0011000.00
12.05.2007To Self3,200.007,800.00
03.06.2007By Cheque8,800.0016,600.00
18.06.2007To Cheque2,000.0014000.00

(b) As per the condition given in the question,

If the rate of simple interest was 5% pa compounded at the end of March and September, find her balance on 1.04.2008

Then we have to find her balance on 1.04.2008.

MonthsMinimum balance between 10th day and the last dayMinimum balance in nearest multiple of 10
2007, April11000.0011000.00
May7,800.007,800.00
June14,600.0014,600.00
July14,600.0014,600.00
August14,600.0014,600.00
September14,600.0014,600.00
October

    \[14,600+322=14,922\]

14,920.00
November14,92214,920.00
December14,92214,920.00
2008, January14,92214,920.00
February14,92214,920.00
March14,92214,920.00

Therefore, total principal for at the end of September 2007,

=11,000+7800+(14600\times 4)

=77,200

Interest at the end of September 2007

=(77,200\times 5\times 1)/(100\times 12)

=321.66

So, interest = 322

Then, again principal at the end of March 2008

=14290\times 6

=89520

Interest at the end of March 2008

=(89520\times 5\times 1)/(100\times 12)

=373

Therefore, Account balance as on 01.04.2008

=14920+373

=15,293

i

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