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Topic-4 Intrest Calculation

The document outlines the process for calculating interest on a credit sale made to Bhingarwala Traders, detailing the sale amount, credit period, and due date. It provides a step-by-step guide on setting up interest calculation in accounting software, including ledger creation and journal entries. The final amount to be received from Bhingarwala Traders on 01-05-2014, including interest, is Rs. 36,700/-.

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pratikpund67
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4 views4 pages

Topic-4 Intrest Calculation

The document outlines the process for calculating interest on a credit sale made to Bhingarwala Traders, detailing the sale amount, credit period, and due date. It provides a step-by-step guide on setting up interest calculation in accounting software, including ledger creation and journal entries. The final amount to be received from Bhingarwala Traders on 01-05-2014, including interest, is Rs. 36,700/-.

Uploaded by

pratikpund67
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

Interest Calculation :

Ö½ããÀñ ºããè•ã¶ãÔã ½ãñâ ãä‡ãŠÔããè ØãÆãև㊠¶ãñ „£ããÀ Ôãñ ½ããÊã Ö½ãÔãñ ŒãÀãèªã Öõ ‚ããõÀ ÌãÖ ¹ãõÔãñ Ôã½ã¾ã Ôãñ Êããõ›ã¦ãã ¶ãÖãèâ Öõ ¦ããñ ֽ㠄Ôãñ
ãä•ã¦ã¶ãñ ã䪶㠹ãõÔãñ ¶ãÖãèâ Êããõ›ã¦ãã Öõ „¦ã¶ãñ ã䪶㠇ãŠñ ãäÊã¾ã ̾ãã•ã ÊãØãã Ôã‡ãŠ¦ãñ Öõ ý
Q. Sold goods to Bhingarwala Traders on credit on 1-4-2014 of Rs. 36,500/-. We
have allowed credit for him of 10 days. & decided mutually that if Bhingarwala Traders
unable to pay dues within 10 days then we would charge interest on him. & if he pays
dues within credit period then we have to receive only principal amout.
Then if Bhingarwala comes on 01-05-2014 then what amount we have receive from him
including principal & interest also?
Parameters:
Customer - Bhingarwala Traders
Date of sale - 01-04-2014
Principal amount - 36,500/-
Credit period - 10 days
Due date - 11-04-2014
Bhingarwala wants to pay amount on - 01-05-2014

Solution:
1. Create a company
2. Activation
GOT
F11 : FEATURE
F1: ACCOUNTS
ACTIVATE INTERST ACTIVATION = YES
USE ADVANCED PARAMETERS = YES
3. LEDGER CREATE
GOT
ACCOUNTS INFO
LEDGER

CREATE

S NAME OF UNDER
ACTIVATE INTEREST CALCULATION
N LEDGER GROUP

YES
PARAMETERS :

BHINGARWAL TRANSACTION BY TRANSACTION = YES


SUNDRY
1 A TRADERS OVERRIDE PARAMETERS FOR EACH ENTERY = NO
DEBTOR
A/C RATE - 1o% PER - CALEDER YEAR ON - ALL BALANCES
APPLICABILITY - ALWAYS CALCULATTE FROM - DUE DATE
OF INVOICE REF
ROUNDING - NORMAL ROUNGING LIMIT – o
SALES
2 SALES A/C NO
ACCOUNTS
INTERST INDIRECT
3 NO
RECEIVED A/C INCOME
4. Voucher type Creation :
GOT
ACCOUNTS INFO
VOUCHER TYPE
ALTER
DEBIT NOTE
(NOTE : Debit Note Voucher Ö½ã Interest Calculation ‡ãŠñ ãäÊã¾ãñ ƒÔ¦ã½ããÊã ‡ãŠÀ¦ãñ Öõý ƒÔã ãäÊã¾ãñ Ö½ã Debit
Note Voucher ½ãñâ ºãªÊã ‡ãŠÀ‡ãŠñ Interest Class ºã¶ãã¶ãã Öõ )
NAME OF CLASS = INTERST
USE CLASS FOR INTEREST ACCOUNTING = YES
ACCEPT
5. JOURNAL ENTRIES
CR VOUCHER
DATE PARTICULARS DR AMT
AMT TYPE
BHINGARWALA TRADERS A/C ----
36,500/- - F8
01-04-2014 ------ DR
- 36,500/- SALES
TO SALES A/C
BHINGARWALA TRADERS A/C ----
------ DR 200/- - F9
01-05-2014
TO INTERST RECEIVED - 200 DEBIT NOTE
A/C

6. HOW TO CHECK INTERRST RECEIVABLE AMOUNT


GOT
DISPLAY
STATEMENTS OF ACCOUTNS
INTEREST CALCULATION
INTEREST RECEIVABLE
SELECT PARTY
CHANGE PERIOD : F2
ACCEPT
CASH A/C ---------- DR
36,700/- - F6
01-05-2014 TO BHINGARWALA
- 36,700/- RECEIPT
TRADERS A/C

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