Our company has cc account in pnb account. We want to check that bank charged interest correct or not. So how we can calculate interest on cc account. balance on 30.11.16 67313612/-, our limit is 6.5 crore, interest rate 11.85%, no transaction from 1.12.16 to 31.12.16. On 31.12.16 debit amount 96600/- and credit account 2360000/- in bank statement. What is interest amount for the month of dec. 2016
19 January 2017
Balance of previous day x 1 is daily product. What you have taken is balance on the last day. Calculate Balance of each day from 01.04.201- to 31.03.201- and all the amount,multiply buy 11.85% and not by 11.85 and divide by 365
CAclubindia
