AAO : HBA Solved question

Question: - Mr. "X" was sanctioned House Building Advance of Rs.6,00,000- which was paid in two equal installments in March 2018 and August 2018. He is drawing Basic Pay of Rs.20,500- The advance is to be repaid in 100 installments of Rs.6,000- each. Rate of interest is 8.5% per annum. The first recovery of the advance is commenced from the pay of January 2019. If the official wants to repay the advance with interest on 15.04.2020, calculate the interest amount and total amount to be paid by the official on 15.04.2020

PO RMS Accountant Exam 2021

Answer

1. First Installment Paid March 2018

2. Second Installment Paid Aug 2018

Month	Recovery Form Salary	IBB	Month	Recovery	IBB
Mar 18		300000	May 19	6000	576000
Apr 18		300000	Jun 19	6000	570000
May 18		300000	July 19	6000	564000
Jun 18		300000	Aug 19	6000	558000
July 18		300000	Sep 19	6000	552000
Aug 18		300000	Oct 19	6000	546000
Sep 18		600000	Nov 19	6000	540000
Oct 18		600000	Dec 19	6000	534000
Nov 18		600000	Jan 20	6000	528000
Dec 18		600000	Feb 20	6000	522000
Jan 19		600000	Mar 20	6000	516000
Feb 19	6000	594000	Apr 20	6000
Mar 19	6000	588000
April 19	6000	582000
	18000	6864000		72000	6006000