jyothis kumar v j (ekm) (24 Points)
23 May 2012calculation of days in interest calculations in average due date in -suppose i want calculate interest from april 22 to 30. How many days are to be considered for it,and what is the logic behind it, in some problems in thestudy material of ipcc april 22 is considered,in some others it is ignored, provided april 22 is the average due date, please help me to understand this chapter clearly.
Supriyo Banerjee
(Executive Finance)
(181 Points)
Replied 23 May 2012
You have to concern about the base date you have choosen........if base date is the foremost day of the A/c Current period then you have to consider that date because the balace is brought forword form last year and so, it is due form very first day of the period.
On other hand, if base date is not the foremost day of the period then you have to ignore that particular date.
CA SANDESH MAHIPAL
(Practicing in GST and MSME )
(1985 Points)
Replied 23 May 2012
AGREE WITH MISS SUPRIYO
BASICALLY FOR INTEREST CALCULATION ONE DATE IS IGNORED, EITHER 22 OR 30 FOR NO. OF DAYS CALCULATION.
BUT IF STARTING DATE IS OPENING BALANCE THAN THAT DATE CAN NOT BE IGNORED. BOTH THE DATES WILL HAVE TO BE TAKEN FOR NO. OF DAYS CALCULATION.
Ashish
(Accounting)
(56 Points)
Replied 09 June 2012
for interest calculation you cannt leave any date (date of loan and date of payment of interest)
CAclubindia
