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Question 1: Explain the following:

i) A man opened saving bank account in State Bank of India on 3rd Sept. 12 with Rs.2,700. He withdrew Rs.1,200 from the bank on 8th Sept. 12 and deposited Rs.500 on 17th Sept. 12. If he did not make any further deposits or withdrawals during this month; find the amount on which he would receive interest for sept.12

ii) A woman  opened a saving bank account in Bank on 7th Nov. 08 and deposited Rs.750. She withdrew Rs.200 on 30th Nov. 08. If no other withdrawals or deposit was made by her during this month; find the amount on which she would receive interest for the month of November 08.

Answer:

i)

Date Particulars Withdrawals (Rs.) Deposits (Rs.) Balance (Rs.)
3-09-12 Cash 2700 2700
8-09-12 Cash 1200 1500
10-09-12 1500
17-09-12 Cash 500 2000

 Amount on which you get interest = the minimum balance on 10th day up to the last day of the month = Rs. 1500

ii)

Date Particulars Withdrawals (Rs.) Deposits (Rs.) Balance (Rs.)
7-11-08 Cash 750 750
10-11-08 750
30-11-08 Cash 200 550

 Amount on which you get interest = the minimum balance on 10th day up to the last day of the month = Rs. 550

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Question 2: A man open a saving bank account with a Bank on 22nd Feb 1998 and deposited Rs.300. He further deposited Rs.1,500 on 5th March 1998 and withdrew Rs.500 on 12th April 1998. Assuming that he neither deposit nor withdrew any money up to the last day of May 1998; write the amounts on which he would receive interest for:

  • Feb, 1998
  • March, 1998
  • April, 1998
  • May, 1998

Answer:

Date Particulars Withdrawals (Rs.) Deposits (Rs.) Balance (Rs.)
10-02-98 0
22-02-98 Cash 300 300
28-02-98 300
5-03-98 Cash 1500 1800
10-03-98 1800
31-03-98 1800
10-04-98 1800
12-04-98 Cash 500 1300
30-04-98 1300
10-05-98 1300
31-05-98 1300

Amount on which you get interest = the minimum balance on 10th day up to the last day of the month

Therefore for:

Feb 1998 you get interest on Rs. 0

March 1998 you get interest on Rs. 1800

April 1998 you get interest on Rs. 1300

May 1998 you get interest on Rs. 1300

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Question 3: A man has saving Bank account in a bank. In the months of April,11 and May,11 he had the following entries in his passbook.

Date Particulars Withdrawals (Rs.) Deposits (Rs.) Balance (Rs.)
April 1 By Balance     4,600.00
April 7 By Cash   1,200.00 5,800.00
April 24 To Cheque 800.00   5,000.00
May 16 By Cheque   2,000.00 7,000.00
May 29 To Cash 1,500.00   5,500.00

Find the amounts on which he will get interest for the months or April, 2011 and May, 2011.

Answer:

Date Particulars Withdrawals (Rs.) Deposits (Rs.) Balance (Rs.)
April 1 By Balance 4,600.00
April 7 By Cash 1,200.00 5,800.00
April 10       5800.00
April 24 To Cheque 800.00 5,000.00
May 10       5000.00
May 16 By Cheque 2,000.00 7,000.00
May 29 To Cash 1,500.00 5,500.00

Amount on which you get interest = the minimum balance on 10th day up to the last day of the month

Therefore for April 2011 the amount would be Rs. 5000 and May 2011 the amount would be Rs. 5000 as well.

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Question 4: A page from the passbook of a woman is below:

Date Particulars Withdrawals (Rs.) Deposits (Rs.) Balance (Rs.)
Jan. 5 Balance B/F     3,750.00
March 7 To Cheque 1,200.00    
April 2 By Cheque   2,300.00  
April 10 By Cheque   820.00  
Oct. 6 To Cheque 950.00    
Dec. 8 By Cash   1,700.00  

Complete the passbook and then calculate the interest for the period January to December at 5% per Annum.

Answer:

Date Particulars Withdrawals (Rs.) Deposits (Rs.) Balance (Rs.)
Jan. 5 Balance B/F 3,750.00
March 7 To Cheque 1,200.00 2550.00
April 2 By Cheque 2,300.00 4850.00
April 10 By Cheque 820.00 5670.00
Oct. 6 To Cheque 950.00 4720.00
Dec. 8 By Cash 1,700.00 6420.00

 For January amount on which you get interest = the minimum balance on 10th day up to the last day of the month = Rs. 3750

Qualifying principal for various months:

Month Principal (Rs.)
January 3750
February 3750
March 2550
April 5670
May 5670
June 5670
July 5670
August 5670
September 5670
October 4720
November 4720
December 6420
Total 59930

 P = Rs. \ 59930 R = 5\% \ and \  T= \frac{1}{12}

I = P \times R \times T = 59930 \times \frac{5}{100} \times \frac{1}{12} = Rs. \  249.71

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Question 5: The entries in a Saving Bank passbook are given below:

Date Particulars Withdrawals (Rs.) Deposits (Rs.) Balance (Rs.)
01.01.03 B/F     14,00.00
01.02.03 By Cash   11,500.00 25,500.00
12.02.03 To Cheque 5,000   20,500.00
05.04.03 By Cash   3,750.00 24,250.00
15.04.03 To Cheque 4,250.00   20,000.00
09.05.03 By Cash   1,500.00 21,500.00
04.06.03 By Cash   1,500.00 23,000.00

Calculate the interest for six months (January to June) at 4% per Annum on the minimum balance on or after the tenth day of each month. [2004]

Answer:

Qualifying principal for various months:

Month Principal (Rs.)
January 14000
February 20500
March 20500
April 20000
May 21500
June 23000

Total = Rs. 119500

P = Rs. \ 119500 R = 4\% \ and \ T= \frac{1}{12}

I = P \times R \times T = 119500 \times \frac{4}{100} \times \frac{1}{12} = Rs. \  398.33

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Question 6: A page from the passbook of Mrs. Rama Bhalla is given below:

Date Year 2004 Particulars Withdrawals (Rs.) Deposits (Rs.) Balance (Rs.)
January 1 B/F     2,000.00
January 9 By Cash   200.00 2,200.00
February 10 To Cheque 500.00   1,700.00
February 24 By Cheque   300.00 2,000.00
July 29 To Cheque 200.00   1,800.00
November 7 By Cash   300.00 2,100.00
December 8 By Cash   200.00 2,300.00

Calculate the interest to Mrs. Rama Bhalla for the period of January 2004 to December 2004, at the rate of 5% per annum. [2005]

Answer:

Qualifying principal for various months:

Month Principal (Rs.)
January 2200
February 1700
March 2000
April 2000
May 2000
June 2000
July 1800
August 1800
September 1800
October 1800
November 2100
December 2300
Total 23500

P = Rs. \ 23500 R = 5\% \ and \  T= \frac{1}{12}

I = P \times R \times T = 23500 \times \frac{5}{100} \times \frac{1}{12} = Rs. \  97.92

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Question 7: A man has a Saving bank account with Post Office.

Calculate the interest earned by him during the year 2010 at 6.5% per annum payable in December if the entries during the year in his passbook are as given below:

Date Particulars Withdrawals (Rs.) Deposits (Rs.)
2.1.10 By Cash   250.00
9.1.10 By Cheque   825.00
13.3.10 To Cash 325.00  
24.7.10 By Cash   1,237.00
6.10.10 To Cheque 250.00  
22.12.10 By Cheque   958.00

Also, Calculate the interest when the principal for every month is taken as the nearest multiple of Rs.10.

Answer:

Completing the passbook

Date Particulars Withdrawals (Rs.) Deposits (Rs.) Balance
2.1.10 By Cash 250.00 250.00
9.1.10 By Cheque 825.00 1075.00
13.3.10 To Cash 325.00 750.00
24.7.10 By Cash 1,237.00 1987.00
6.10.10 To Cheque 250.00 1737.00
22.12.10 By Cheque 958.00 2695.00

 Qualifying principal for various months:

Month Principal (Rs.) Principal (nearest to Rs. 10)
January 1075 1080
February 1075 1080
March 750 750
April 750 750
May 750 750
June 750 750
July 750 750
August 1987 1990
September 1987 1990
October 1737 1740
November 1737 1740
December 1737 1740
Total 15085 15110

 i)

P = Rs. \ 15085 R = 6.5\% \ and \  T= \frac{1}{12}

I = P \times R \times T = 15085 \times \frac{6.5}{100} \times \frac{1}{12} = Rs. \  81.71

ii)

P = Rs. \ 15110 R = 6.5\% \ and \  T= \frac{1}{12}

I = P \times R \times T = 15110 \times \frac{6.5}{100} \times \frac{1}{12} = Rs. \  81.85

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Question 8: A Saving bank account was opened by a woman on 3.7.12 and closed on 31.01.13. the entries in the passbook of  were as given below:

Date Particulars Withdrawals (Rs.) Deposits (Rs.) Balance (Rs.)
3.7.12 By Cash   690.00  
15.7.12 By Cash   1,153.00  
27.8.12 By Cheque   2,468.00  
30.8.12 To Cash 946.00    
12.9.12 To Cheque 1,000.00    
20.11.12 By Cheque   3,000.00  
26.11.12 By Cash   750.00  
28.11.12 To Cash 1,570.00    

By finding the balance on different dates of entries calculate the interest earned by her. For the period, she has this saving bank account, at rate of 6% p.a.

Also, Calculate the interest when the principal for every month is taken as the nearest multiple of Rs.10

Answer:

First completing the table

Date Particulars Withdrawals (Rs.) Deposits (Rs.) Balance (Rs.)
3.7.12 By Cash 690.00 690.00
15.7.12 By Cash 1,153.00 1843.00
27.8.12 By Cheque 2,468.00 4311.00
30.8.12 To Cash 946.00 3365.00
12.9.12 To Cheque 1,000.00 2365.00
20.11.12 By Cheque 3,000.00 5365.00
26.11.12 By Cash 750.00 6115.00
28.11.12 To Cash 1,570.00 4545.00

 Qualifying principal for various months:

Month Principal (Rs.) Principal (nearest to Rs. 10)
July 690 690
August 1843 1840
September 2365 2370
October 2365 2370
November 2365 2370
December 4545 4550
Total 14173 14190

 i)

P = Rs. \ 14173 R = 6.0\% \ and \  T= \frac{1}{12}

I = P \times R \times T = 14173 \times \frac{6.0}{100} \times \frac{1}{12} = Rs. \  70.87

ii)

P = Rs. \ 14190 R = 6.0\% \ and \  T= \frac{1}{12}

I = P \times R \times T = 14190 \times \frac{6}{100} \times \frac{1}{12} = Rs. \  70.95

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Question 9: A man had a saving Bank account with the State Bank of India, from 13th Feb. 09 to 6th August 09. The following table shows the entries in her passbook for the above said period. Calculate the interest earned by him on his S.B. Account up to 31st July,09 at the rate of 5% per annum.

Date Particulars Withdrawals (Rs.) Deposits (Rs.) Balance (Rs.)
Feb. 13 By Cash   500.00 500.00
March 3 By Cheque   735.00 1,235.00
March 14 By Cheque   1,040.00 2,275.00
May 10 To Cheque 240.00   2,035.00
May 22 To Cash 430.00   1,605.00
June 09 By Cash   780.00 2,385.00
July 26 To Cash 980.00   1,405.00

Answer:

Qualifying principal for various months:

Money Principal (Rs.)
February 0
March 1235
April 2275
May 1605
June 2385
July 1405
Total 8905

 P = Rs. \ 8905 R = 5.0\% \ and \  T= \frac{1}{12}

I = P \times R \times T = 8905 \times \frac{5}{100} \times \frac{1}{12} = Rs. \  37.10

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Question 10: A page from the passbook of a saving bank account in a particular year is given below: 

Date Particulars Debit (Rs.) Credit (Rs.) Balance (Rs.)
Jan. 3 By Cash   5,000.00 5,000.00
Feb 13 To Self 500.00    
March 24 By Cheque   2,000.00  
March 31 By Interest      
May 20 By Cash   800.00  
July 7 To Cheque 1,400.00    
July 18 By Cash   1,600.00
Sept. 15 To Cheque 3,200.00    
Sept. 26 By Cheque   2,350.00  

If the interest is calculated at 6% p.a. and is compounded at the end of March and September every year find the interest earned up to 31st March and then after completing all the entries, find the amount that the account holder would have receive had he closed the account on 20th Oct. the same year.

Answer:

Date Particulars Debit (Rs.) Credit (Rs.) Balance (Rs.)
Jan. 3 By Cash 5,000.00 5,000.00
Feb 13 To Self 500.00 4500.00
March 24 By Cheque 2,000.00 6500.00
March 31 By Interest 70.00 6570.00
May 20 By Cash 800.00 7370.00
July 7 To Cheque 1,400.00 5970.00
July 18 By Cash 1,600.00 7570.00
Sept. 15 To Cheque 3,200.00 4370.00
Sept. 26 By Cheque 2,350.00 6720.00
Sept. 31 By Interest

 March Interest:

 P = Rs. \ 14000 R = 6.0\% \ and \ T= \frac{1}{12}

I = P \times R \times T = 14000 \times \frac{6}{100} \times \frac{1}{12} = Rs. \  70

Qualifying principal for various months:

Month Principal (Rs.)
January 5000
February 4500
March 4500
April 6570
May 6570
June 7370
July 5970
August 7570
September 4370
Total 52420

September Interest:

P = Rs. \ 52420 R = 6.0\% \ and \  T= \frac{1}{12}

I = P \times R \times T = 52420 \times \frac{6}{100} \times \frac{1}{12} = Rs. \  262.10

Amount the person will get  = Rs. 6720+262.10 = Rs. 6982.10

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Question 11: A page from Saving Bank account of Mr. Prateek is given below:

Date Particulars Withdrawals (Rs.) Deposits (Rs.) Balance (Rs.)
January 1st 2006 B/F 1,270
January 7th 2006 By Cheque 2,310 3,580
March 9th 2006 To Self 2,000 1,580
March 26th 2006 By Cash 6,200 7,780
June 10th 2006 To Cheque 4,500 3,280
July 15th 2006 By Clearing 2,630 5,910
October 18th 2006 To Cheque 530 5,380
October 27th 2006 To Self 2,690 2,690
November 3rd 2006 By Cash 1,500 4,190
December 6th 2006 To Cheque 950 3,240
December 23rd 2006 By Transfer 2,920 6,160

If he receives Rs.198 as interest on 1st January 2007. Find the rate of interest paid by the bank. [2012]

Answer:

Qualifying principal for various months:

Month Principal (Rs.)
January 3580
February 3580
March 1580
April 7780
May 7780
June 3280
July 3280
August 5910
September 5910
October 2690
November 4190
December 3240
Total 52800

P = Rs. \ 52800 R = x\% \ and \  T= \frac{1}{12} I = Rs. \ 198

I = P \times R \times T \Rightarrow 52800 \times \frac{x}{100} \times \frac{1}{12} = 198 \Rightarrow x = 4.5 \%

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Question 12: A man holds a Saving Bank account in the Union Bank of India. A page of his passbook shows the following entries:

Date Particulars Withdrawals (Rs.) Deposits (Rs.) Balance (Rs.)
May 1 B/F     3,200.00
May 6 By Cheque   500.00 3,700.00
May 17 By Cheque   800.00 4,500.00
June 4 By Cash   1,300.00 5,800.00
June 9 To Cheque 1,650.00   4,150.00

Calculate the rate of interest per annum if the total interest earned for the month of May and June is Rs.39.25.

Answer:

P = Rs. \ 7850 R = x\% \ and \  T= \frac{1}{12} I = Rs. \ 39.25

I = P \times R \times T \Rightarrow 7850 \times \frac{x}{100} \times \frac{1}{12} = 39.25 \Rightarrow x = 6 \%

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Question 13: A page from the passbook of a man is given below. The interest accrued for the period of January to December 2006 at a certain rate of interest p.a is Rs.377.40. without taking the principal as the nearest multiple of Rs.10, calculate the rate:

Date 2006 Particulars Withdrawals (Rs.) Deposits (Rs.) Balance (Rs.)
Jan. 1 By Balance     7,500.00
March 7 By Cheque   1,875.00  
March 10 By Cash   625.00  
July 17 To Self 3,250.00    
Oct. 5 By Cheque   2,160.00  
Dec. 19 To Cheque 1,340.00    

Answer:

Date 2006 Particulars Withdrawals (Rs.) Deposits (Rs.) Balance (Rs.)
Jan. 1 By Balance 7,500.00
March 7 By Cheque 1,875.00 9375.00
March 10 By Cash 625.00 10000.00
July 17 To Self 3,250.00 6750.00
Oct. 5 By Cheque 2,160.00 8910.00
Dec. 19 To Cheque 1,340.00 7570.00

 Qualifying principal for various months:

Month Principal (Rs.)
January 7500
February 7500
March 10000
April 10000
May 10000
June 10000
July 6750
August 6750
September 6750
October 8910
November 8910
December 7570
Total 100640

 P = Rs. \ 100640 R = x\% \ and \  T= \frac{1}{12} I = Rs. \ 377.40

I = P \times R \times T \Rightarrow 100640 \times \frac{x}{100} \times \frac{1}{12} = 377.40 \Rightarrow x = 4.5 \%

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Question 14: A man opened a Saving Bank Account with the State Bank of India on 5th April 2007 with Rs.8,500. For the financial year 2007-2008, the other transactions with the bank as given below;

  • 15-05-2007; Deposited Rs.3,700
  • 27-07-2007; Withdrew Rs.2,400
  • 06-09-2007; Withdrew Rs.1,600
  • 18-12-2007; Deposited Rs.4,500
  • 29-01-2008; Deposited Rs.1,900
  • 23-03-2008; Account closed.

Taking rate of interest as 6% per annum, find the amount that he gets on closing the account.

Answer:

Date 2007 Particulars Withdrawals (Rs.) Deposits (Rs.) Balance (Rs.)
5-04-2007 Cash 8500 8500
15-05-2007 Cash 3700 12200
27-07-2007 Cash 2400 9800
06-09-2007 Cash 1600 8200
18-12-2007 Cash 4500 12700
29-01-2008 Cash 1900 14600
23-03-2008 Account Closed

 Qualifying principal for various months:

Month Principal (Rs.)
April 8500
May 8500
June 12200
July 9800
August 9800
September 8200
October 8200
November 8200
December 8200
January 12700
February 14600
Total 108900

P = Rs. \ 108900 R = 6.0\% \ and \  T= \frac{1}{12}

I = P \times R \times T = 108900 \times \frac{6}{100} \times \frac{1}{12} = Rs. \  544.50

Amount = 14600 + 544.50 = Rs. \ 15144.50

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Question 15: A woman has a saving bank account with the Punjab & National Bank. She had the following transaction (From 1st January 2007 to 31st December 2007) with the bank:

  • 01-01-2007; B/F Rs.8,764/-
  • 13-03-2007; deposited Rs.6,482/-
  • 22-06-2007; withdrew Rs.4,369/-
  • 09-08-2007; withdrew Rs.1,333/-
  • 24-11-2007; deposited Rs.2,158/-

Calculate the interest accrued up to 31st December 2007; if the rate of interest is 5% compounded yearly and the principal for every month is taken the nearest multiple of 10.

Answer:

Date 2007 Particulars Withdrawals (Rs.) Deposits (Rs.) Balance (Rs.)
01-01-2007 Account Opened 8764.00 8764.00
13-03-2007 Cash 6482.00 15246.00
22-06-2007 Cash 4369.00 10877.00
09-08-2007 Cash 1333.00 9544.00
24-11-2007 Cash 2158.00 11702.00

 Qualifying principal for various months:

Month Principal (Rs.) Principal(nearest to Rs. 10)
January 8764 8760
February 8764 8760
March 8764 8760
April 15246 15250
May 15246 15250
June 10877 10880
July 10877 10880
August 9544 9540
September 9544 9540
October 9544 9540
November 9544 9540
December 11702 11700
Total 128416 128400

 P = Rs. \ 128400 R = 5.0\% \ and \  T= \frac{1}{12}

I = P \times R \times T = 128400 \times \frac{5}{100} \times \frac{1}{12} = Rs. \  535

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Question 16: Mrs. Kapoor opened a Saving Bank Account in State Bank of India on 9th January 2008. Her passbook entries for the year 2008 are given below:

Date Particulars Withdrawals (Rs.) Deposits (Rs.) Balance (Rs.)
Jan. 9, 2008 By Cash 10,000 10,000
Feb. 12, 2008 By Cash 15,500 25,500
April 6, 2008 To Cheque 3,500 22,000
April 30, 2008 To Self 2,000 20,000
July 16, 2008 By Cheque 6,500 26,500
Aug. 4, 2008 To Self 5,500 21,000
Aug. 20, 2008 To Cheque 1,200 19,800
Dec. 12, 2008 By Cash 1,700 21,500

Mrs. Kapoor closed the account on 31st December 2008. If the bank pays interest at 4% per annum, find the interest he receives on closing the account. Give your answer correct to the nearest rupee. [2010]

Answer:

Date Particulars Withdrawals (Rs.) Deposits (Rs.) Balance (Rs.)
Jan. 9, 2008 By Cash 10,000 10,000
Feb. 12, 2008 By Cash 15,500 25,500
April 6, 2008 To Cheque 3,500 22,000
April 30, 2008 To Self 2,000 20,000
July 16, 2008 By Cheque 6,500 26,500
Aug. 4, 2008 To Self 5,500 21,000
Aug. 20, 2008 To Cheque 1,200 19,800
Dec. 12, 2008 By Cash 1,700 21,500

 Qualifying principal for various months: 

Month Principal (Rs.)
January 10000
February 10000
March 25500
April 20000
May 20000
June 20000
July 20000
August 19800
September 19800
October 19800
November 19800
Total 204700

P = Rs. \ 204700 R = 4.0\% \ and \  T= \frac{1}{12}

I = P \times R \times T = 204700 \times \frac{4}{100} \times \frac{1}{12} = Rs. \  682.33 or Rs. 682

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