P#8 of S#26

*From the following information, prepare the account current to be rendered by Mr. white to Mr. Black as on 31 August, 2017. the interest must be calculate @ 10% P.A

2017 Description Amount

5-Jun-2019 Goods sent to Black $ 1,020

15-Jun-2019 Cash Received from Black $ 500

20-Jun-2019 Goods sent to Black $ 650

5-Jul-2019 Goods sent to Black $ 700

10-Jul-2019 Cash Received from Black $ 1,100

Table of Interest
Mr. Black
31-Aug-2019
Date Description Due Date Days Amount Interest Date Description Due Date No. Days Amount Interest
5-Jun-2019 Goods sent to Black 5-Jun-2019 87 $ 1,020 $ 24.31 15-Jun-2019 Cash Received from Black 15-Jun-2019 77 $ 500 $ 10.55
20-Jun-2019 Goods sent to Black 20-Jun-2019 72 $ 650 $ 12.82 10-Jul-2019 Cash Received from Black 10-Jul-2019 52 $ 1,100 $ 15.67
5-Jul-2019 Goods sent to Black 5-Jul-2019 57 $ 700 $ 10.93
C/B $ 770 $ 21.85
TOTAL $ 2,370 $ 48.07 $ 2,370 $ 48.07

Mr. Black have to pay 770.00 USD as principle amount and 21.85 USD as interest, the total amount 791.85 USD
DATE Account Name Debit Credit
31-Aug-2019
Account Payable $ 770.00
Interest Expense $ 21.85
Cash $ 791.85

Means of Product Mr. Black

31-Aug-2019
Date Description Due Date Days Amount Product Date Description Due Date No. Days Amount Product
5-Jun-2019 Goods sent to Black 5-Jun-2019 87 $ 1,020 $ 88,740.00 15-Jun-2019 Cash Received from Black 15-Jun-2019 77 $ 500 $ 38,500.00
20-Jun-2019 Goods sent to Black 20-Jun-2019 72 $ 650 $ 46,800.00 10-Jul-2019 Cash Received from Black 10-Jul-2019 52 $ 1,100 $ 57,200.00
5-Jul-2019 Goods sent to Black 5-Jul-2019 57 $ 700 $ 39,900.00
C/B $ 770 $ 79,740.00
TOTAL $ 2,370 $ 175,440.00 $ 2,370 $ 175,440.00

Mr. Black have to pay 770.00 USD as principle amount and 21.85 USD as interest, the total amount 791.85 USD
DATE Account Name Debit Credit
31-Aug-2019
Account Payable $ 770.00
Interest Expense $ 21.85
Cash $ 791.85

Means of Product of Balances Mr. Black

31-Aug-2019

Date Description Dr. Cr. Balance Due Date No. Days Dr. Product Cr. Product
5-Jun-2019 Goods sent to Black $ 1,020 $ 1,020 5-Jun-2019 87 $ 88,740
20-Jun-2019 Goods sent to Black $ 650 $ 1,670 20-Jun-2019 72 $ 46,800
5-Jul-2019 Goods sent to Black $ 700 $ 2,370 5-Jul-2019 57 $ 39,900
15-Jun-2019 Cash Received from Black $ 500 $ 1,870 15-Jun-2019 77 $ 38,500
10-Jul-2019 Cash Received from Black $ 1,100 $ 770 10-Jul-2019 52 $ 57,200
C/B $ 79,740
$ 175,440 $ 175,440

Mr. Black have to pay 770.00 USD as principle amount and 21.85 USD as interest, the total amount 791.85 USD
DATE Account Name Debit Credit
31-Aug-2019
Account Payable $ 770.00
Interest Expense $ 21.85
Cash $ 791.85