Exercise - 2 | Q 2 | Page 114 Calculate the following: 12% p.a. Interest on Bank loan ₹ 80,000 for 1 year.

Balbharati solutions for Book-keeping and Accountancy 12th Standard Hsc Maharashtra State Board Chapter 2 Accounts of ‘Not for Profit’ Concerns Exercise - 2 [Pages 113 - 114]
Exercise - 2 | Q 2 | Page 114
Calculate the following:
12% p.a. Interest on Bank loan ₹ 80,000 for 1 year.

Solution: 

12 % p.a. Interest on Bank loan ₹ 80,000 for 1 year.
Interest = (PNR/100) = 80000 x (12/100) = ₹ 9600

Thus, interest on Bank loan ₹ 80,000 for 1 year = ₹ 9600.

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