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W.r.t. product of balances method, will the day on which the bank statement is prepared be included for interest computation for the latest transaction? In IL modules, sir said that the logic was last day minus date of latest transaction plus 1. But in icai study material, it is different. Pls refer the image

Sibi Srinivasan

CA Final

★ 22K+

03-Aug-21 15:10

420

Answers (2)

Its not different Please see 6.118 for the explanation, IL also explains the same in Video 11 The practice question attached , it should have been 22 days as its month end balance

Sudha Reddy

CA Final

★ 20K+

05-Aug-21 12:31

Ok mam. Thank you

Thread Starter

Sibi Srinivasan

CA Final

★ 22K+

05-Aug-21 18:01