[4 marks sum]

Question 14 Marks

A page of Passbook of Mrs. C. Malik Savings Bank Account in year 2002 is given below:

Date Year 2002	Particulars	Amount Withdrawn (in ₹)	Amount Deposited (in ₹)	Balance (in ₹)
Jan. 1	By Balance	-	-	2,100·00
Jan. 7	By Cash	-	1,000·00	3,100·00
Feb. 1	By Cash	-	500·00	3,600·00
Feb. 15	To Cheque	2,000·00	-	1,600·00
March 15	By Cash	-	2,000·00	3,600·00
March 20	To Cheque	1,000·00	-	2,600·00
June 12	By Cash	-	3,000·00	5,600·00
June 28	To Cheque	1,000·00	-	4,600·00
Oct. 15	To Cheque	3,000·00	-	4,600·00
Nov. 5	By Cash	-	1,500·00	3,100·00
Dec. 10	By Cash	-	500·00	3,600·00
Dec. 20	To Cheque	1,000·00	-	2,600·00

If the rate of interest decreases from 5% to 4% with effect from June 1st, 2002, compute the interest at the end of the year.

Answer

As per entries of the Passbook page of Mrs. C. Malik, we have:

Qualifying amount for interest at the rate of 5 % = ₹ 11,500. .....(from January to May)
∴ Interest = ₹ $\frac{11,500 \times 5 \times 1}{100 \times 12}$ = ₹47.92
Qualifying amount for interest at the rate of 4% = ₹ 23,700. ...0...(from June to December)
∴ Interest = ₹ $\frac{23,700 \times 4 \times 1}{100 \times 12}$ = ₹ 79
∴ Interest at the end of the year = ₹ 47.92 + ₹ 79 = ₹ 126.92

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Question 24 Marks

Anita opens an S.B. account in State Bank of India on August 1, 1983 with Rs. 100. She deposits Rs. 100 on the first or second day every month till and including February 1, 1984. In between she withdrawal Rs. 200 on October 17, 1983 and also on January 13, 1984. Write the entries of the passbook.

Answer

The entries in the passbook are given below :

Date	Particulars	Withdrawals(₹)	Deposits(₹)	Balance(₹)
Aug. 1, 1983	By cash	-	100·00	100·00
Sept. 2	By cash	-	100·00	200·00
Oct.1	By cash	-	100·00	300·00
Oct. 3	By interest	-	0·83	300·83
Oct 17	To cheque	200.00	-	100·83
Nov. 1	By cash	-	100·00	200·83
Dec. 1	By cash	-	100·00	300·83
Jan. 2, 1984	By cash	-	100·00	400·83
Jan. 13	To cheque	200.00	-	200·83
Feb. 1	By cash	-	100·00	300·83
Oct. 1	By interest	-	13·40	314·23

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Question 34 Marks

Mr. Ashok has an account in the Central Bank of India. The following entries are from his passbook:

Date	Particulars	Withdrawals (₹)	Deposits (₹)	Balance (₹)
01-01-05	B/F	-	-	1,200·00
07-01-05	By cash		500·00	1,700·00
17-01-05	To cheque	400·00	-	1,300·00
10-02-05	By cash	-	800·00	2,100·00
25-09-05	By cheque	500·00	-	1,600·00
20-09-05	By cash	-	700·00	2,300·00
21-11-05	To cheque	600·00	-	1,700·00
05-12-05	By cash	-	300·00	2,000·00

If Mr. Ashok gets Rs. 83.75 as interest at the end of the year where the interest is compounded annually, calculate the rate of interest paid by the bank in his Savings Bank Account on 31st December 2005.

Answer

Principal for 1 month = ₹ 20,100
Let x be Rate interest
then
Interest = $\frac{20,100 \times x \times 1}{100 \times 12}$
$\therefore 83.75=\frac{20,100 x}{1,200}$
$x=\frac{83.75 \times 1,200}{20,100}$
$x=5$
$\therefore \text { Rate }=5 \%$

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Question 44 Marks

Mr. S.K. Mishra had a Savings Bank Account in Punjab National Bank. His Passbook had the following entries :

Date	Particulars	Withdrawals (in ₹)	Deposits (in ₹)	Balance (in ₹)
1998, Jan. 8	By Cash	-	500·00	500·00
March 19	To Cheque No. 626	100·00	-	400·00
May 23	By Cheque	-	1500·00	1,900·00
July 29	To Withdrawals Slip	200·00	-	1,700·00
Sept 2	By Cash	-	1,300·00	3,000·00

If the interest is paid at the rate of 5% per annum at the end of September every year, calculate the amount he will get if he closes the account on October 30, of the same year.

Answer

As per entries of the Passbook page of Mrs. Mishra, we have:

∴ Principal for one month (i.e., $\frac{1}{12}$ th of the year) = ₹10,500
Rate of interset = 5%
∴ Interest = $\frac{10,500 \times 5 \times \frac{1}{12}}{100}$
= ₹ 43.75
The amount Mr. Mishra will get on closing the account on October 30 of the same year
= ₹ (3,000 + 43.75)
= ₹ 3,043.75
Note: As the account is closed on October 30, no amount has been shown for this month for interest.

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