Class 12th Account chapter 1 question 31 solution (ts grewal)

31. Amit and Bramit started business on 1st April, 2023 with capitals of ₹ 15,00,000 and ₹ 9,00,000 respectively.

On 1st October, 2023, they decided that their capitals should be ₹ 12,00,000 each. The necessary adjustments in capitals were made by introducing or withdrawing by cheque. Interest on capital is allowed @ 8% p.a.

Compute interest on capital for the year ended 31st March, 2024.