Question

Anagha has an initial deposit of Rs. 1000 in her account in the begining of June 2012. She deposits Rs. 1500 on 7th June-12 and again Rs. 1700 on 16th. She issues a cheque (no. 565195) for Rs. 1200 to her friend on 18th. She withdraws Rs. 750 on 25th. She credits Rs. 1000 by cheque (No. 631931) on 29th. Enter these particulars in the pass book and find the interest she gets for the month of June 2012 at the rate of 4% per annum.

Answer 1

Remember that the amount deposited is credited to the account and the amount withdrawn is debited from the account
Let us first enter these particulars in the respective columns of the pass book and then find the daily product for the month to calculate the interest for one day (i.e., taking the period as one day).

Date	Particulars	Cheque no.	Debit	Credit	Balance
01-06-2012	Balance B/F				1000.00
07-06-2012	By cash			1500.00	2500.00
16-06-2012	By cash			1700.00	4200.00
18-06-2012	To cheque	565195	1200.00		3000.00
25-06-2012	To self		750.00		2250.00
29-06-2012	By cheque	631931		1000.00	3250.00

Now we find the product for the month by finding the daily product as below:
$Rs.1,000\times 6=6,000$ (as there was Rs. 1000 for 6 days from 1st June to 6th June)
$2,500\times 9=Rs.22,500$
$4,200\times 2=Rs.8,400$
$3,000\times 7=Rs.21,000$
$2,250\times 4=Rs.9,000$
$3,250\times 2=Rs.6,500$
Adding these, we get the product for the month.

The product for the month is Rs. $73,400$, $R=4\%$ and $T=1$ day = $\frac{1}{365}$ years.

We use the formula for simple interest:
$I=\frac{P\times T\times R}{100}$
Thus the interest for the month is
$\frac{73400\times 4}{100\times 365}=8.04$
Thus the interest Anagha gets for June $2012$ is Rs. $8$.