Amit and Bramit started business on 1st April, 2020 with capitals of 15,00,000 and 9,00,000 respectively.
On 1st October, 2020, 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.
Comoute interest on capital for the year ended 31st March, 2021.
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Answer:
Interest on Amit's capital
From 1st July, 2020 to 30th sep, 2020 (15,00,000*8/100*6/12) =60,000
From 1st oct, 2020 to 31st march,2021 (12,00,000*8/100*6/12) =48,000
Interest on Bramit's capital:
From 1st April,2020 to 30th sep, 2020 (9,00,000*8/100*6/12) =36,000
From 1st oct, 2020 to 31st march, 2021 (12,00,000*8/00*6/12) =4
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