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  • GPF Calculation Sample 20200731224047

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    Sandeep
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    The document provides details on calculating interest for a General Provident Fund (GPF) for the year 2019-20. It lists the opening balance, monthly subscriptions, refundable advances drawn, interest rates, and monthly deposit and withdrawal transactions to arrive at the closing balance. The calculations involve applying interest rates of 8% for April to June 2019 and 7.9% for July 2019 to March 2020 on progressive balances and adding subscriptions, refunds, and interest to get the total, subtracting withdrawals to reach the final closing balance of Rs. 222160 as of 31 March 2020.

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    Gpf

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    GPF-Calculation-Sample-20200731224047

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    The document provides details on calculating interest for a General Provident Fund (GPF) for the year 2019-20. It lists the opening balance, monthly subscriptions, refundable advances drawn, interest rates, and monthly deposit and withdrawal transactions to arrive at the closing balance. The calculations involve applying interest rates of 8% for April to June 2019 and 7.9% for July 2019 to March 2020 on progressive balances and adding subscriptions, refunds, and interest to get the total, subtracting withdrawals to reach the final closing balance of Rs. 222160 as of 31 March 2020.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    Download as pdf or txt
    8 views1 page

    GPF Calculation Sample 20200731224047

    Uploaded by

    Sandeep
    The document provides details on calculating interest for a General Provident Fund (GPF) for the year 2019-20. It lists the opening balance, monthly subscriptions, refundable advances drawn, interest rates, and monthly deposit and withdrawal transactions to arrive at the closing balance. The calculations involve applying interest rates of 8% for April to June 2019 and 7.9% for July 2019 to March 2020 on progressive balances and adding subscriptions, refunds, and interest to get the total, subtracting withdrawals to reach the final closing balance of Rs. 222160 as of 31 March 2020.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    of 1

    FORMAT OF GPF CALCULATION

    Calculate interest for the year 2019-20 having following details


    Opening balance as on 01/04/2019 212775
    Monthly Subscription 10000
    Refundable Adv.drawn 5000
    DA arrear(July-2013) 0
    Rate of interest (04/2019 to 06/2019 @8% & 07/2019 to 03/2020 @ 7.9%) 8%,7.9%

    Month Subscription Refund Arrears Total Deposit Withdrawal Progressive


    Apr-19 10000 5000 0 15000 0 227775
    May-19 10000 5000 0 15000 0 242775
    Jun-19 10000 5000 0 15000 0 257775
    Jul-19 10000 5000 0 15000 0 272775
    Aug-19 10000 5000 0 15000 0 287775
    Sep-19 10000 18411 0 28411 200000 116186
    Oct-19 10000 5000 15000 0 131186
    Nov-19 10000 5000 0 15000 0 146186
    Dec-19 10000 5000 0 15000 0 161186
    Jan-20 10000 5000 15000 0 176186
    Feb-20 10000 5000 15000 0 191186
    Mar-20 10000 5000 15000 0 206186
    120000 73411 0 193411 200000
    Opening balance as on 01/04/2019 212775=00
    Deposits 193411=00
    Interest (04/19 to 06/19) 728325 X 8 = 4855.5 round 4856/- 15974=00
    100 X 12
    Interest (07/19 to 03/20) 1688852 X 7.9 = 11118.2 round 11118/-
    100 X 12

    Total 422160=00
    Withdrawal 200000=00
    Closing balance as on 31.03.2020 222160=00

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