Interest Calculation in Tally
- 1 On 1st April 2017 Amount Rs. 50,000/ pay to Mr. Rakesh as loan and charged simple interest @10%. Pass the entry.
on 1st July 2017 sales 100 pcs of pressure cooker of Rs.500/pcs to Rajat Enterprises , charged GST@12% (invoice no-01) and also charge simple interest @5% p.a on out- standing balance. (GST no-07AAFFR9383Q1Z7, Yamuna Vihar, Delhi)
on 2nd July sold 500 pcs of pressure cooker to Raj home appliances of Rs.600/pcs , charged GST@12% (invoice no 2) and charge compound interest on outstanding balnce @10% p.a for 6 months , @15% for remaining 6 months. Pass the necessary entry.
(GST no-07AHWPY1953B1ZV, Yamuna vihar, Delhi)
Q 4. On 1st may 2017 Rs.100000 received from HDFC finance Pvt. Ltd. as loan and charge compound interest @10% p.a for 3 months and 20% for remaining 9 months. Pass the necessary entry