3. Following information is given about a debtor's A/C in the books of a money lender. The firm calculates interest every month by daily product method. Cal- culate simple interest at 10% p.a. Date 1st October 2009 3rd October 2009 12th October 2009 Money Borrowed 20,000 50,000 15,000 85,000 Date 8th October 2009 26th October 2009 29th October 2009 31st October 2009 Money Repaid 40,000 30,000 10,000 5,000 85,000

3. Following information is given about a debtor's A/C in the books of a money lender. The firm calculates interest every month by daily product method. Cal- culate simple interest at 10% p.a. Date 1st October 2009 3rd October 2009 12th October 2009 Money Borrowed 20,000 50,000 15,000 85,000 Date 8th October 2009 26th October 2009 29th October 2009 31st October 2009 Money Repaid 40,000 30,000 10,000 5,000 85,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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