Amit and Sumit entered into partnership on 1st April, 2021 contributing Rs. 1,50,000 and Rs. 2,50,000 respectively towards capital. The Partnership Deed provided for interest on capital @ 10% p.a. It also provided that Capital Accounts shall be maintained following Fixed Capital Accounts method. The firm earned net profit of Rs. 1,00,000 for the year ended 31st March 2022 . Pass the Journal entry for interest on capital.
