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Answer to Question 13

Mean of product Method (Forward) :

A Account Current with X

Interest to 15th March 2015 @ 10% p.a.

Due Due
Date Particulars Amount Days Product Date Particulars Amount Days Product
Date Date

1-1 Balance b/d 31-12 4,000 74 2,96,000 29-1 Purchases 29-1 1,200 45 54,000

15-1 Sales 15-1 2,230 59 1,31,570 10-2 Cash 10-2 1,000 33 33,000

Bills
Interest 111 13-3 16-4 2,000 (32) (64,000)
Receivable

Balance of
4,04,570
product

By Balance
2,141
c/d

6,341 4,27,570 6,341 4,27,570

*Working Note : Interest = 4,04,570 × 10% × (1/365) = Rs.110.84

Total Amount to be paid = Rs.2,141 + Rs.2,000 = Rs.4,141


Answer to Question 14

Mean of product Method (Forward) :

B.Saha Account Current with A.Sen

Interest to 31st Dec 2014 @ 5% p.a.

Due Due
Date Particulars Amount Days Product Date Particulars Amount Days Product
Date Date

Jul 1 To bal b/d 30-6 3,000 184 5,52,000 Aug 19 By Cash 19-8 1,500 134 2,01,000

Jul 15 To Sales 15-7 1,500 169 2,53,500 Sep 1 By B/R 4-12 1,000 27 27,000

Nov 15 To Sales 15-11 1,000 46 46,000 Oct 20 Purchases 20-10 500 72 36,000

Interest 79 Dec 20 By Cash 20-12 1,000 11 11,000

Balance of
5,76,500
product

By Balance
1,579
c/d

5,579 8,51,500 8,51,500

*Working Note : Interest = 5,76,500 × 5% × (1/365) = Rs.78.97


Answer to Question 15

Mean of product Method (Forward) :

Y Account Current with X

Interest to 30th June 2015 @ 12% p.a.

Due Due
Date Particulars Amount Days Product Date Particulars Amount Days Product
Date Date

Jan 1 To Sales 1-1 3,000 180 5,40,000 Feb 15 By Cash 15-2 1,200 135 1,62,000

Apr 15 To Bank 15-4 5,400 76 4,10,400 Mar 5 Purchases 5-3 8,000 117 9,36,000

Balance of
1,47,600 Jun 30 Interest 49
product

Balance c/d 849

9,249 10,98,000 9,249 10,98,000

*Working Note : Interest = 1,47,600 × 12% × (1/365) = Rs.48.53


Answer to Question 16

Mean of product Method (Forward) :

Y Account Current with X

Interest to 30th June 2015 @ 12% p.a.

Due Due
Date Particulars Amount Days Product Date Particulars Amount Days Product
Date Date

Jan 1 Bal b/d 31-12 6,000 181 10,86,000 Feb 20 Purchase 20-2 8,800 130 11,44,000

Jan 15 Sales 15-1 7,200 166 11,95,200 May 15 Purchases 15-7 2,000 (15)

Red Ink
Apr 20 B/P 18-7 8,000 (18) 1,44,000
Interest

Red Ink Balance of


30,000 10,23,200
Interest product

By Balance
Interest 336 10,736
c/d

21,536 23,11,200 21,536 23,11,200

*Working Note : Interest = 10,23,200 × 12% × (1/365) = Rs.336.39


Answer to Question 17

Statement for calculation of Interest to 31st March @ 10%p.a on Credit balance & 14% on Debit Balance.

Date Particulars Debit Credit Balance Days Debit total Credit Total

1.1.15 Deposit 500 500 (Cr.) 9 4,500

10.1.15 Deposit 1,000 1,500 (Cr.) 15 22,500

25.1.15 Withdrawal 2,500 1,000 (Dr.) 8 20,000

2.2.15 Deposit 3,000 2,000 (Cr.) 13 26,000

15.2.15 Withdrawal 1,500 500 (Cr.) 12 6,000

27.2.15 Deposit 6,000 6,500 (Cr.) 3 19,500

2.3.15 Withdrawal 3,000 3,500 (Cr.) 13 45,500

15.3.15 Deposit 4,000 7,500 (Cr.) 10 75,000

25.3.15 Withdrawal 2,000 5,500 (Cr.) 6 33,000

20,000 2,32,000

31.3 Interest 56 5,556 (Cr.)

Working note : Debit Interest = Rs.20,000 × 14% × (1/365) = Rs.7.67

Credit Interest = Rs.2,32,000 × 10% × (1/365) = Rs.63.56

Net Interest = 139.61 = Rs.56


Answer to Question 18

Statement for calculation of Interest to 30th Sept @ 8%p.a on Credit balance & 10% on Debit Balance.

Date Particulars Debit Credit Balance Days Debit total Credit Total

1-7 Op. Balance 75,000 75,000 (Dr.) 14 10,50,000

14-7 Deposit 1,38,000 63,000 (Cr.) 15 9,45,000

29-7 Withdrawal 97,000 34,000 (Dr.) 20 6,80,000

18-8 Deposit 22,000 12,000 (Dr.) 22 2,64,000

9-9 Withdrawal 11,000 23,000 (Dr.) 21 4,83,000

24,77,000 9,45,000

30-9 Interest 140 23,140 (Dr.)

Working note : Debit Interest = Rs.24,77,000 × 10% × (1/365) = Rs.678.63

Credit Interest = Rs.9,45,000 × 8% × (1/365) = Rs.207.12

Net Interest = 139.61 = Rs.140


Answer to Question 19

Mean of product Method (Forward) :

Ashish Account Current with Bijoy

Interest to 31st Dec 2014 @ 12% p.a.

Due Due
Date Particulars Amount Days Product Date Particulars Amount Days Product
Date Date

1-7 To bal b/d 30-6 4,000 184 7,36,000 1-9 Cash 1-9 1,200 121 1,45,200

1-10 To sales 1-10 2,400 91 2,18,400 1-11 cash 1-11 3,600 60 2,16,000

Balance of
Interest 195 5,93,200
product

By Balance
1,795
c/d

6,595 9,54,400 6,595 9,54,400

*Working Note : Interest = 5,93,200 × 12% × (1/365) = Rs.195.02


Answer to Question 20

Mean of product Method (Forward) :

X Account Current with Y

Interest to 31st March 2015 @ 10% p.a.

Due Due
Date Particulars Amount Days Product Date Particulars Amount Days Product
Date Date

Promissory
1-1 Bal b/d 31-12 5,000 90 4,50,000 24-1 27-4 5,000 (27)
Note

11-1 Sales 11-1 6,000 79 4,74,000 1-2 Purchases 1-2 10,000 58 5,80,000

4-2 Sales 4-2 8,200 55 4,51,000 7-2 Sales Return 7-2 1,000 52 52,000

18-3 Sales 18-3 9,200 13 1,19,600 1-3 Purchases 1-3 5,600 30 1,68,000

Red Ink
1,35,000 23-3 Purchases 23-3 4,000 8 32,000
Interest

Balance of
Interest 219 7,97,600
product

Balance c/d 6,181

25,600 16,29,600 25,600 16,29,600

*Working Note : Interest = 7,97,600 × 10% × (1/365) = Rs.219


Answer to Question 21

Epoque Method (Backward) :

B Account Current with A

Interest to 31st March 2017 @ 10% p.a.

Due Due
Date Particulars Amount Days Product Date Particulars Amount Days Product
Date Date

1-1 Op Bal 31-12 1,00,000 0 0 15-1 Cash 15-1 2,00,000 15 30,00,000

10-1 Sales 10-1 2,00,000 10 20,00,000 1-3 Cash 1-3 1,00,000 60 60,00,000

Balance of
15-2 Sales 15-2 2,00,000 46 92,00,000 product 1,80,00,000
(2,00,000 × 90)

Balance of
1,58,00,000
product

By Balance
Interest 4,329 2,04,329
c/d

5,04,329 2,70,00,000 5,04,329 2,70,00,000

*Working Note : Interest = 1,58,00,000 × 10% × (1/365) = Rs.4,328.77