Question 1

Roshan has a current account with partnership firm. It has debit balance of ₹75,000 as on 01-07-2012. He has further deposited the following amounts:

Date: 14-07-2012, Amount: ₹1,38,000
Date: 18-08-2012, Amount: ₹22,000

He withdraws the following amounts:

Date: 29-07-2012, Amount: ₹97,000
Date: 09-09-2012, Amount: ₹11,000

Since Roshan's A/c in the ledger of the firm. Interest is to be calculated at 10% on debit balance and 8% on credit balance. You are required to prepare the current account for Roshan.

Accepted Answer

**Roshan's Current Account** (in the books of the Partnership Firm)

The account records Roshan's deposits (credit entries) and withdrawals (debit entries). Interest is charged at **10% p.a. on debit balance** and **8% p.a. on credit balance**, calculated on a daily basis.

**Step 1 — Running Balance after each transaction:**

01-07-2012: Opening balance = ₹75,000 **Dr**
14-07-2012: Deposit ₹1,38,000 → Balance = 1,38,000 − 75,000 = ₹63,000 **Cr**
29-07-2012: Withdrawal ₹97,000 → Balance = 97,000 − 63,000 = ₹34,000 **Dr**
18-08-2012: Deposit ₹22,000 → Balance = 34,000 − 22,000 = ₹12,000 **Dr**
09-09-2012: Withdrawal ₹11,000 → Balance = 12,000 + 11,000 = ₹23,000 **Dr**

**Step 2 — Interest Calculation Table:**

| Period | From | To | Days | Balance (₹) | Nature | Rate | Interest (₹) |
|--------|------|----|------|-------------|--------|------|--------------|
| 1 | 01-07 | 14-07 | 13 | 75,000 | Dr | 10% | 267.12 |
| 2 | 14-07 | 29-07 | 15 | 63,000 | Cr | 8% | 207.12 |
| 3 | 29-07 | 18-08 | 20 | 34,000 | Dr | 10% | 186.30 |
| 4 | 18-08 | 09-09 | 22 | 12,000 | Dr | 10% | 72.33 |
| 5 | 09-09 | 30-09 | 21 | 23,000 | Dr | 10% | 132.33 |

Total Debit Interest = 267.12 + 186.30 + 72.33 + 132.33 = **₹658.08**
Total Credit Interest = **₹207.12**
**Net Interest charged to Roshan = ₹658.08 − ₹207.12 = ₹450.96 (Dr)**

**Roshan's Current Account** (Dr / Cr format)

| Dr Side | ₹ | Cr Side | ₹ |
|---------|---|---------|---|
| 01-07 Balance b/d | 75,000.00 | 14-07 Cash/Bank | 1,38,000.00 |
| …

Question 2

The following transactions took place between Thick and Thin. They desire to write their current account to average due date.

Purchases by Thick from Thin:
9th July, 2013: ₹7,200
14th August, 2013: ₹12,200

Sales by Thick to Thin:
15th July, 2013: ₹18,000
31st August, 2013: ₹16,500

Calculate Average Due Date and the amount to be paid or received by Thick.

Accepted Answer

**Average Due Date Calculation between Thick and Thin**

The base date taken is **9th July, 2013** (the earliest transaction date).

From Thick's perspective:
- **Purchases by Thick from Thin** = Amounts Thick owes to Thin
- **Sales by Thick to Thin** = Amounts Thin owes to Thick

**Step 1: Amounts owed BY Thick TO Thin (Purchases)**

| Date | Amount (₹) | Days from 9 July | Product |
|---|---|---|---|
| 9 July 2013 | 7,200 | 0 | 0 |
| 14 Aug 2013 | 12,200 | 36 | 4,39,200 |
| **Total** | **19,400** | | **4,39,200** |

**Step 2: Amounts owed TO Thick BY Thin (Sales)**

| Date | Amount (₹) | Days from 9 July | Product |
|---|---|---|---|
| 15 July 2013 | 18,000 | 6 | 1,08,000 |
| 31 Aug 2013 | 16,500 | 53 | 8,74,500 |
| **Total** | **34,500** | | **9,82,500** |

**Step 3: Net Position**

Net amount receivable by Thick = ₹34,500 − ₹19,400 = **₹15,100** (Thick is net receiver)

Net product = 9,82,500 − 4,39,200 = **5,43,300**

**Step 4: Average Due Date**

ADD = Base Date + (Net Product ÷ Net Amount)
= 9 July + (5,43,300 ÷ 15,100)
= 9 July + 35.98 days
≈ 9 July + **36 days** = **14th August 2013**

**Conclusion:** The **Average Due Date is 14th August 2013**. On this date, **Thick will receive ₹15,100 from Thin**.

Question 3

Explain the reasons due to which the manual accounting system was replaced by the computerized accounting system in modern time.

Accepted Answer

The transition from manual to computerized accounting systems in modern business has been driven by several compelling reasons:

**Volume and Complexity of Transactions**: Modern organizations process thousands of daily transactions across multiple locations and departments. Manual systems cannot efficiently handle such large volumes of data within reasonable timeframes. Computerized systems process enormous datasets instantly, making this scale of operations practical.

**Speed and Efficiency**: Computerized systems dramatically reduce the time required for transaction processing, ledger posting, trial balance preparation, and financial statement generation. Tasks that took weeks manually can now be completed in hours or minutes, enabling faster closing of accounts and timely decision-making.

**Accuracy and Reliability**: Automated calculations eliminate human errors in arithmetic, posting, and reconciliation. Once data is correctly entered, computerized systems ensure consistent and error-free processing, significantly improving the reliability of financial information.

**Cost Effectiveness**: While initial implementation costs are substantial, computerized systems result in long-term savings through reduced labor requirements, decreased error correction costs, and minimized audit adjustments. The return on investment justifies the transition for growing organizations.

**Real-time Information**: Computerized systems provide instant access to financial data, enabling mana…

Question 4

Pathak, Quereshi and Ranjeet were partners sharing profits in the ratio 7 : 5 : 3 respectively. On 31st March, 2013 Quereshi retired when the firm's Balance Sheet was as follows: Liabilities—Capital Account: Pathak ₹8,50,000, Quereshi ₹6,20,000, Ranjeet ₹3,70,000; General Reserve ₹2,25,000; Trade Creditors ₹1,13,000; Total ₹21,78,000. Assets—Land & Building ₹10,00,000; Plant & Machinery ₹4,65,000; Furniture, Fixture & Fittings ₹2,30,100; Stock ₹1,82,200; Trade Debtors ₹2,00,000 Less: Provision for Bad Debts ₹6,000 (net ₹1,94,000); Cash at Bank ₹1,06,700; Total ₹21,78,000.

It was agreed that: (i) Land & Building be appreciated by 20%. (ii) Plant & Machinery be depreciated by 10%. (iii) Provision for Bad Debts be made equal to 4% of Trade Debtors. (iv) Outstanding repairs bill amounting to …

Accepted Answer

**Partnership Retirement of Quereshi — 31st March 2013**

**Step 1: Determination of New Profit Sharing Ratio and Gaining Ratio**

After Quereshi's retirement, Pathak and Ranjeet continue. Their old ratio was 7:3 (out of 15), so the **new ratio remains 7:3**.

**Gaining ratio** = New ratio − Old ratio
Pathak: 7/10 − 7/15 = 21/30 − 14/30 = 7/30
Ranjeet: 3/10 − 3/15 = 9/30 − 6/30 = 3/30
**Gaining ratio = 7 : 3**

---

**Revaluation Account** (Dr. side / Cr. side)

Profit distributed in old ratio 7:5:3 — Pathak ₹70,000 | Quereshi ₹50,000 | Ranjeet ₹30,000

---

**Partners' Capital Accounts**

| Particulars | Pathak (₹) | Quereshi (₹) | Ranjeet (₹) |
|---|---|---|---|
| Balance b/d | 8,50,000 | 6,20,000 | 3,70,000 |
| Revaluation Profit | 70,000 | 50,000 | 30,000 |
| General Reserve (7:5:3) | 1,05,000 | 75,000 | 45,000 |
| Goodwill (Quereshi's share cr.) | — | 1,00,000 | — |
| Less: Goodwill borne (gaining ratio 7:3) | (70,000) | — | (30,000) |
| **Balance c/d** | **9,55,000** | **8,45,000** | **4,15,000** |

**Goodwill Note:** Quereshi's share = 5/15 × ₹3,00,000 = ₹1,00,000 credited to Quereshi and debited to Pathak (₹70,000) and Ranjeet (₹30,000) in gaining ratio, **without raising Goodwill Account**.

---

**Quereshi's Loan Account**

Hal…

Question 5

The details of Assets and Liabilities of Mr. 'A' as on 31-3-2012 and 31-3-2013 are as follows: Assets: Furniture ₹50,000 (31-3-2012), ₹— (31-3-2013); Building ₹— (31-3-2012), ₹1,00,000 (31-3-2013); Stock ₹1,00,000 (31-3-2012), ₹2,30,000 (31-3-2013); Sundry Debtors ₹60,000 (31-3-2012), ₹1,10,000 (31-3-2013); Cash in hand ₹11,200 (31-3-2012), ₹13,200 (31-3-2013); Cash at Bank ₹60,000 (31-3-2012), ₹75,000 (31-3-2013). Liabilities: Sundry Creditors ₹90,000 (31-3-2012), ₹70,000 (31-3-2013); Sundry Creditors ₹50,000 (31-3-2012), ₹80,000 (31-3-2013).

(a) Mr. 'A' decided to provide depreciation on building by 2.5% and furniture by 10% for the year ended on 31-3-2013. Mr. 'A' purchased jewellery for ₹24,000 for his daughter in December 2012. He sold his car on 30-3-2013 and the amount of ₹40,000 i…

Accepted Answer

**Calculation of Net Profit for the year ended 31-3-2013**

The profit of a sole proprietor is calculated by comparing capital at the beginning and end of the period, after adjusting for drawings, capital introduced, and non-business items.

**Step 1: Calculate Opening Capital (as on 31-3-2012)**

Assets: Furniture ₹50,000 + Stock ₹1,00,000 + Sundry Debtors ₹60,000 + Cash in hand ₹11,200 + Cash at Bank ₹60,000 = ₹3,81,200

Liabilities: Sundry Creditors ₹90,000 + Other Creditors ₹50,000 = ₹1,40,000

Opening Capital = ₹3,81,200 − ₹1,40,000 = **₹2,41,200**

**Step 2: Calculate Closing Capital (as on 31-3-2013)**

Assets: Building ₹1,00,000 + Stock ₹2,30,000 + Sundry Debtors ₹1,10,000 + Cash in hand ₹13,200 + Cash at Bank ₹75,000 = ₹5,28,200

Liabilities: Sundry Creditors ₹70,000 + Other Creditors ₹80,000 = ₹1,50,000

Closing Capital = ₹5,28,200 − ₹1,50,000 = **₹3,78,200**

**Step 3: Calculate Increase in Capital**

Increase = ₹3,78,200 − ₹2,41,200 = ₹1,37,000

**Step 4: Adjustments**

**Add:** Jewellery purchased for daughter (₹24,000) – This is a personal expense and capital withdrawal. Since it reduced capital, it should be added back to compute business profit. = **₹24,000**

**Less:** Car sale proceeds retained in business (₹40,000) – This is a capital receipt from the sale of a personal asset, not business income. Should be deducted to isolate business profit. = **₹40,000**

**Less:** Depreciation on Furniture at 10% on opening value of ₹50,000 = **₹5,000**

**Less:** Depre…

Question 6

After Quereshi's retirement, Pathak and Ranjeet admitted Swamy as a new partner with effect from 1st April, 2013. Pathak, Ranjeet and Swamy agreed to share profits in the ratio 2 : 1 : 1 respectively. Swamy brought capital of ₹2,00,000 and ₹3,80,000 in cash (including payment for his share of goodwill as valued by the old firm). The entire amount due to Quereshi was credited to Swamy's Capital Account. Adjustments were made in the capital account for Swamy's share of goodwill.

Accepted Answer

**IMPORTANT NOTE:** This question lacks critical data (opening balances of Pathak/Ranjeet and amount due to Quereshi). The solution below uses the reasonable assumption that the old profit-sharing ratio of Pathak and Ranjeet is 2:1 (inferred from their allocation in the new ratio 2:1:1).

**PART (A): JOURNAL ENTRIES**

**Entry 1** — Cash brought by Swamy (capital + goodwill payment)
Bank A/c Dr. ₹5,80,000
  To Swamy's Capital A/c ₹2,00,000
  To Goodwill A/c ₹3,80,000

**Entry 2** — Distribution of goodwill to old partners in their old ratio 2:1
Goodwill A/c Dr. ₹3,80,000
  To Pathak's Capital A/c ₹2,53,333
  To Ranjeet's Capital A/c ₹1,26,667

**Entry 3** — Quereshi's liability transferred to Swamy
*Cannot be prepared without specifying the amount due to Quereshi (let us assume ₹X):*
Quereshi's Capital A/c Dr. ₹X
  To Swamy's Capital A/c ₹X

**PART (B): CAPITAL ACCOUNTS**

Capital accounts **cannot be fully prepared** without the opening balances of Pathak and Ranjeet. However, the adjustments required are:

**Credit side adjustments to each partner's opening capital:**
- **Pathak:** Add goodwill share ₹2,53,333
- **Ranjeet:** Add goodwill share ₹1,26,667
- **Swamy:** Opening balance ₹2,00,000 (capital brought) plus adjustment for Quereshi's liability amount (reduces Swamy's net capital)

**Illustrative format** (with assumed opening capital of Pathak = ₹5,00,000; Ranjeet = ₹2,50,000; Quereshi due = ₹1,50,000):

Swamy's Capital A/c would be: ₹2,00,000 — ₹1,50,000 = ₹50,000 ne…

Question 7

Highend Club appointed a new accountant for maintaining books of account. He prepared following Receipts and Payments A/c for the year ended on 31st March, 2013.

Accepted Answer

**Incomplete Question Data**

The question refers to a Receipts and Payments Account prepared by the accountant of Highend Club for the year ended 31st March, 2013, but the **actual figures and data** of that account (along with any additional information such as opening balances, accruals, prepaid amounts, etc.) have **not been provided** in the question text.

To solve this question fully — which typically requires preparing an **Income and Expenditure Account** and a **Balance Sheet** from the given Receipts and Payments Account — the following information is needed:

1. **Receipts and Payments Account** — all line items with amounts (Opening cash/bank balance, subscriptions received, entrance fees, donations, sports receipts, payments for salaries, rent, repairs, sports expenses, furniture/equipment purchased, closing cash/bank balance, etc.)

2. **Additional Information / Notes** — typically provided alongside, such as:
   - Opening and closing stock of stationery, sports materials, etc.
   - Subscriptions outstanding or received in advance
   - Prepaid or outstanding expenses
   - Depreciation rates on fixed assets
   - Any capitalization instructions for entrance fees or donations
   - Opening Balance Sheet figures

Please **paste the complete data** (the full Receipts and Payments Account table and any additional notes given in the question), and I will immediately provide the complete solution including the Income and Expenditure Account and Balance Sheet as required…

Question 8

Do you agree with above Receipts and Payments Account? If not, prepare correct Receipts and Payments Account and Income and Expenditure Account for the year ended 31st March, 2013 and Balance Sheet as on that date.

Accepted Answer

**Incomplete Question — Source Data Not Provided**

The question refers to an 'above Receipts and Payments Account' (and presumably accompanying notes/additional information), but **no such account, trial balance, or supplementary data has been provided** in this prompt. Without the original (incorrect) Receipts and Payments Account and the related additional information (opening/closing balances, accruals, prepayments, capital items, etc.), it is not possible to prepare the corrected statements.

**What is needed to solve this question:**

1. The incorrect/draft Receipts and Payments Account as given in the question.
2. Any additional information or notes accompanying the question (e.g., outstanding subscriptions, prepaid expenses, depreciation, capital expenditure details, opening Balance Sheet figures).
3. The name and nature of the Not-for-Profit Organisation (club, society, etc.).

**General Framework (for reference):**

A **Receipts and Payments Account** is a summary of cash and bank transactions — it is real account-based and includes both capital and revenue items, opening and closing cash/bank balances. It does NOT account for accruals, prepayments, or non-cash items.

An **Income and Expenditure Account** is the equivalent of a Profit & Loss Account for a Not-for-Profit entity. It is prepared on accrual basis and includes only revenue items of the current year. **Surplus or Deficit** is transferred to the Capital Fund in the Balance Sheet.

The **Balance Sheet** sh…

Question 9

You are required to: (i) Prepare statement of affairs as on 31-3-2012 & 31-3-2013. (ii) Calculate the profit received by 'A' during the year ended 31-3-2013. (b) Surya Ltd. has provided you the following particulars. Prepare Cash Flow from Operating Activities by Indirect Method in accordance with AS 3: Profit & Loss Account of Surya Ltd. for the year ended 31st March, 2013.

Accepted Answer

**Note: This question is incomplete as the necessary financial data and particulars for both parts have not been provided. Below is the methodology framework for solving each part:**

**PART (i) - STATEMENT OF AFFAIRS**

A **Statement of Affairs** shows the financial position of a business on specific dates and is prepared when complete accounting records are not available. It lists assets and liabilities to determine capital/net worth.

For 31-3-2012 and 31-3-2013:
- List all **Assets** (Cash, Receivables, Fixed Assets, Investments, Stock, etc.) at their current values
- List all **Liabilities** (Payables, Loans, Creditors, etc.)
- Calculate **Net Worth/Capital** = Total Assets - Total Liabilities
- Prepare separate statements for each date to show changes in financial position

**PART (ii) - PROFIT CALCULATION FOR 'A'**

When a partner receives profit during a financial year, the calculation involves:
- **Opening Capital/Net Worth** of 'A' as on 1-4-2012
- **Add: Profit earned** during the year (to be calculated from Statement of Affairs changes)
- **Less: Drawings** made during the year
- **Closing Capital/Net Worth** as on 31-3-2013 (from Statement of Affairs)

**Formula: Profit = Closing Capital + Drawings - Opening Capital - Additional Capital Introduced**

**PART (b) - CASH FLOW STATEMENT (OPERATING ACTIVITIES) - AS 3**

As per **Accounting Standard 3 (AS 3)** on Cash Flow Statements, Operating Activities are calculated using the **Indirect Method** as:

**Net Profit A…

Question 10

On 31st March, 2013 Rose and Sen Ltd. provides to you the following ledger balances after preparing its Profit and Loss Account for the year ended 31st March, 2013: Credit Balances - Equity shares capital, fully paid shares of ₹10 each: ₹70,00,000; General Reserve: ₹15,49,100; Loan from State Finance Corporation: ₹10,50,000 (Repayable within one year ₹2,00,000); Loans - Unsecured (Long term): ₹8,47,000; Sundry Creditors for goods & expenses (Payable within 6 months): ₹14,00,000; Rent Receivable: ₹7,00,000; Provision for Taxation: ₹3,25,500; Proposed Dividend: ₹4,20,000; Provision for Dividend Distribution Tax: ₹71,400. Debit Balances - Calls in arrear: ₹7,000; Land: ₹14,00,000; Buildings: ₹20,50,000; Plant and Machinery: ₹36,75,000; Furniture & Fixture: ₹3,50,000; Stocks - Finished goods: …

Accepted Answer

**ROSE AND SEN LTD.**
**Balance Sheet as at 31st March, 2013**
*(Prepared as per Schedule III of the Companies Act, 2013)*

---

**EQUITY AND LIABILITIES** | **₹** | **₹**

**II. Non-Current Liabilities**
(a) Long-term Borrowings *(Note 3)* | | 16,97,000
**Sub-total** | | **16,97,000**

**III. Current Liabilities**
(a) Trade Payables | 14,00,000 |
(b) Other Current Liabilities *(Note 4)* | 9,00,000 |
(c) Short-term Provisions *(Note 5)* | 8,16,900 |
**Sub-total** | | **31,16,900**

**TOTAL EQUITY AND LIABILITIES** | | **1,33,46,100**

---

**ASSETS** | **₹** | **₹**

**I. Non-Current Assets**
(a) Fixed Assets — Tangible *(Note 6)* | 74,75,000 |
(b) Fixed Assets — Intangible (Patents & Trade Marks) | 4,00,000 |
(c) Other Non-current Assets (Preliminary Expenses) | 93,100 |
**Sub-total** | | **79,68,100**

**II. Current Assets**
(a) Inventories *(Note 7)* | 17,50,000 |
(b) Trade Receivables *(Note 8)* | 14,00,000 |
(c) Cash & Cash Equivalents *(Note 9)* | 19,30,000 |
(d) Short-term Loans & Advances | 2,98,000 |
**Sub-total** | | **53,78,000**

**TOTAL ASSETS** | | **1,33,46,100**

---

**NOTES TO ACCOUNTS**

**Note 1 — Share Capital**
Equity Share Capital: 7,00,000 shares of ₹10 each, fully called up = ₹70,00,000; Less: Calls in Arrear = (₹7,000); **Net Paid-up Capital = ₹69,93,000.** *Disclosure as per Schedule III: Of the above…

Question 11

Answer any four out of the following:

Accepted Answer

**Part (a): Investment Account of Mr. Mishra in Equity Shares of Filco Ltd. (Year ending 31-12-2012)**

**Investment Account (Equity Shares in Filco Ltd.)**

| Date | Particulars | No. of Shares | Face Value (₹) | Cost (₹) |
|---|---|---|---|---|
| 01-03-12 | To Bank (Purchase) | 800 | 8,000 | 42,080 |
| 31-10-12 | To Bonus Shares (1:4) | 200 | 2,000 | — |
| | **Total** | **1,000** | **10,000** | **42,080** |

| Date | Particulars | No. of Shares | Face Value (₹) | Cost (₹) |
|---|---|---|---|---|
| 30-11-12 | By Bank (Sale of bonus shares — at cost) | 200 | 2,000 | 8,416 |
| 31-12-12 | By Balance c/d | 800 | 8,000 | 33,664 |
| | **Total** | **1,000** | **10,000** | **42,080** |

**Profit on Sale of Bonus Shares:** Net sale proceeds ₹20,900 − Cost ₹8,416 = **₹12,484 (Profit)** credited to P&L Account.

**Closing valuation:** Cost per share = ₹42.08; Market value = ₹110. Since cost (₹33,664) < market value (₹88,000), investment is carried at **cost ₹33,664** (800 shares).

---

**Part (b): Journal Entries for Share Capital Transactions**

**(i) Conversion of 2 lakh equity shares of ₹10 into Stock of ₹1,00,000 and balance as 12% FCDs:**

| Particulars | Dr (₹) | Cr (₹) |
|---|---|---|
| Equity Share Capital A/c Dr | 20,00,000 | |
|   To Stock A/c | | 1,00,000 |
|   To 12% Fully Convertible Debentures A/c | | 19,00,000 |
| *(Being 2 lakh equity shares converted into stock and FCDs)* | | |

**(ii) Consolidation of 40 lakh equity shares of ₹2.50 each into 10 lakh shares of ₹10 eac…

Question 12

A loss of profit policy was taken for ₹ 1,00,000. Fire occurred on 15th September, 2012. Indemnity period was for 3 months. Net Profit was ₹ 1,20,000 and standing charges (all insured) amounted to ₹ 43,990 for year ending 2011. Determine the Insurance Claim ?

Accepted Answer

**Loss of Profit (Consequential Loss) Insurance Claim**

**Step 1 – Calculate Annual Gross Profit**

Under a Loss of Profit policy, **Gross Profit = Net Profit + Insured Standing Charges**.

Gross Profit = ₹1,20,000 + ₹43,990 = **₹1,63,990**

**Step 2 – Calculate Gross Profit for the Indemnity Period (3 months)**

Since the indemnity period is 3 months, the Gross Profit applicable to the indemnity period:

Gross Profit (3 months) = ₹1,63,990 × 3/12 = **₹40,997.50**

**Step 3 – Apply the Short-Sum / Average Clause**

Since the policy amount (₹1,00,000) is **less than** the Annual Gross Profit (₹1,63,990), the **average clause** is applicable. The claim is proportionately reduced:

Insurance Claim = Gross Profit for Indemnity Period × (Policy Amount ÷ Annual Gross Profit)

Insurance Claim = ₹40,997.50 × (₹1,00,000 ÷ ₹1,63,990)

Insurance Claim = ₹40,997.50 × 0.6099... = **₹25,000**

**The Insurance Claim admissible = ₹25,000**

Dr Side	₹	Cr Side	₹
01-07 Balance b/d	75,000.00	14-07 Cash/Bank	1,38,000.00
29-07 Cash/Bank	97,000.00	18-08 Cash/Bank	22,000.00
09-09 Cash/Bank	11,000.00	30-09 Balance c/d	23,450.96
30-09 Interest	450.96
Total	1,83,450.96	Total	1,83,450.96

CA Inter Adv Accounting

Drill 5 questions from this paper — instant grading

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Write it like this

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1The skeleton

2Examiner-rewarded phrases

3Common trap

Period	From	To	Days	Balance (₹)	Nature	Rate	Interest (₹)
1	01-07	14-07	13	75,000	Dr	10%	267.12
2	14-07	29-07	15	63,000	Cr	8%	207.12
3	29-07	18-08	20	34,000	Dr	10%	186.30
4	18-08	09-09	22	12,000	Dr	10%	72.33
5	09-09	30-09	21	23,000	Dr	10%	132.33

Date	Amount (₹)	Days from 9 July	Product
9 July 2013	7,200	0	0
14 Aug 2013	12,200	36	4,39,200
Total	19,400		4,39,200

Date	Amount (₹)	Days from 9 July	Product
15 July 2013	18,000	6	1,08,000
31 Aug 2013	16,500	53	8,74,500
Total	34,500		9,82,500