26 March 2014
Suppose Altd. has taken loan from director of say Rs. 10lakhs on 1/4/2012 @ 9% P.A. It has made various payments to directrs on various dates, say Rs. 150000/- on 14/06/2012, Rs. 43000/- on 02/08/2012, Rs. 190000/- on say 15/12/2012. A ltd. has further taken loan of Rs. 5lakhs on say 15/01/2013. How to calculate Interest on loan as on 31/03/2013????
Interest will be calculated for the no. of days loan is utilised, i.e. as under,
On Rs.6,17,000 interest for 366 days On Rs.1,50,000 interest for 75 days On Rs. 43,000 interest for 124 days On Rs.1,90,000 interest for 259 days On Rs.5,00,000 interest for 76 days
Hope this will be clear to you and you will be able to calculate interest now.
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