Value of 12% government securities as at 31 March 2021 was Rs. 85,000 which were purchased at that date at par. Additional 12% securities worth Rs. 50,000 were purchased on 31 March, 2022. Total interest debited to receipts and payments A/c during the year on the above securities is Rs. 9,000 calculate Accrued interest on 31 March, 2022.
Value of 12% government securities as at 31 March 2021 was Rs. 85,000 which were purchased at that date at par. Additional 12% securities worth Rs. 50,000 were purchased on 31 March, 2022. Total interest debited to receipts and payments A/c during the year on the above securities is Rs. 9,000 calculate Accrued interest on 31 March, 2022.
Solution
✅ Correct Option: 1
Full-year interest due on opening investment = 12 percent of 85,000 = Rs. 10,200. Additional securities bought on last day earn nothing this year. Interest received in cash = 9,000. Accrued interest = 10,200 minus 9,000 = Rs. 1,200.
Note: Topic relates to NPO; placed under Financial Statements/Nature-Structure as closest fit.
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