Interest on unsecured loan

This query is : Resolved

Sankar Chakraborty (Querist)
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03 April 2012 Dear Experts,

please help me to calculate interest @ 9% p.a
for F.Y. 11-12

opening bal 75.00 lac cr
loan taken 9.06.11 Rs. 25.00 lac
loan taken 26.03.12 Rs. 30.00 lac
loan taken 28.03.12 Rs. 17.50 lac
loan taken 29.03.12 Rs. 02.50 lac

Total loan amount as on 31.03.12 is 150.00 lac

i have calculated as
75.00 LAC 1.04.11 to 8.06.11 =68 days
100.00 lac 9.06.11 to 25.03.12 =290 days
130.00 lac 26.03.12 to 27.03.12 =1 day
147.50 lac 28.03.12 =1 day
150.00 29.03.12 to 31.03.12=2 days

please let me know if am going right or wrong ?

CA Kishore Tallam

CA Kishore Tallam (Expert)
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03 April 2012 If u add all the days, whether it is coming out to 366 days or not is the check. But the total days is 362 only. Hence, u r doing incorrectly.
Days to be taken as below:
1-Apr-11 to 8-Jun-11 = 69 days
9-Jun-11 to 25-Mar-12 = 291 days
26-Mar-12 to 27-Mar-12 = 2 days
28-Mar-12 to 28-Mar-12 = 1 day
29-Mar-12 to 29-Mar-12 = 1 day
30-Mar-12 to 31-Mar-12 = 2 days
Totally 366 days.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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03 April 2012 The days are:

69
291
2
1
3

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