Question

1. The following are a series of transactions between A and B for the three months
ending on 31st March 1996. Calculate the amount of interest to be payable by one
party to the other @ 10% p.a.
Books of A
Rs.
Jan 1 Opening Balance (Dr.)
5,000
Jan 10 Sold goods to B
10,000
Jan. 15 Cash received from B
10,000
Feb. 15 Sold goods to B
10,000
Mar. 1 Cash received from B
5,000

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Answer 1

Answer:

balance:rs10,216

interest:rs216