Calculation of interest on loan on yearly basis
This query is : Resolved
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????
26 March 2014
Hi Ruchi,
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.
Regards,
Devanand
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.
Regards,
Devanand
28 March 2014
cant we calculate int directly on the closing bal as on 31/03/2013 for the whole year????
28 March 2014
cant we calculate int directly on the closing bal as on 31/03/2013 for the whole year????
28 March 2014
No we can't.
Interest is to be calculated proportionately (i.e. no. of days it is given)
Regards,
Devanand
No we can't.
Interest is to be calculated proportionately (i.e. no. of days it is given)
Regards,
Devanand
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