please help me to calculate interest @ 9% p.a for F.Y. 11-12
opening bal 75.00 lac cr loan taken 9.06.11 Rs. 25.00 lac loan taken 26.03.12 Rs. 30.00 lac loan taken 28.03.12 Rs. 17.50 lac loan taken 29.03.12 Rs. 02.50 lac
Total loan amount as on 31.03.12 is 150.00 lac
i have calculated as 75.00 LAC 1.04.11 to 8.06.11 =68 days 100.00 lac 9.06.11 to 25.03.12 =290 days 130.00 lac 26.03.12 to 27.03.12 =1 day 147.50 lac 28.03.12 =1 day 150.00 29.03.12 to 31.03.12=2 days
03 April 2012
If u add all the days, whether it is coming out to 366 days or not is the check. But the total days is 362 only. Hence, u r doing incorrectly. Days to be taken as below: 1-Apr-11 to 8-Jun-11 = 69 days 9-Jun-11 to 25-Mar-12 = 291 days 26-Mar-12 to 27-Mar-12 = 2 days 28-Mar-12 to 28-Mar-12 = 1 day 29-Mar-12 to 29-Mar-12 = 1 day 30-Mar-12 to 31-Mar-12 = 2 days Totally 366 days.
CAclubindia
