State the three elements used in Payroll calculation.

OR

What is the use of 'CUMIPMT' function ? Write and explain its syntax.

Any three from the following : 1. Pay in the scale plus grade pay which is known as Basic pay. 2. Grade pay is decided by the designation of the employee and added to Basic pay. 3. Dearness pay is that portion of the Dearness allowance which is merged to Basic pay. 4. Dearness allowance is a compensation for erosion in purchasing power of wage earner due to price rise. 5. House rent allowance is an amount paid to facilitate employee in acquiring on lease of residential accommodation. 6. Transport allowance is an amount paid to facilitate commuting to the place of work. 7. Any other earning may include any other allowance not included above but declared from time to time , such as Medical Allowance, Education Allowance ,etc. 8. Professional Tax is a statutory deduction according to the legislature of the State Government. 9. Provident Fund is a statutory declaration, as part of social security. 10. Tax deduction at source is a statutory deduction, which is deducted monthly towards Income Tax Liability of an employee. 11. Recovery of loan Instalment (LOAN) denotes any amount signified by the employee for deduction on account of any loan taken up by him/her. 12. Any other deduction may include any deduction not included above Or Q. What is the use of……………………….. Ans. This function returns the cumulative interest paid between two periods syntax. CUMIPMT (rate, nper, pv, start_period, end_period, type) Rate : Interest rate nper : Total no. of interest period pv : Present Value start_period : Payment period no. $\displaystyle 1$ end_period : Last payment period type : Timing of payment