Hi,

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

Dear Sir,
What will be the accounting entries for the following transactions:-
1. Purchased goods worth 44100 and paid cst@2% on it.
2. Sold goods on credit to party for 90000 add vat @6%(90000+5400=95400)
3. Party deposited the vat amount of 5400 via challan to the department
Deducted 1200 as income tax and paid to IT department
Paid rest amount of ₹88200 via cheque
Kindly reply as soon as possible

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