Amar and Bimal entered into partnership on 1st April, 2017 contributing Rs. 1,50,000 and Rs.2,50,000 respecitvely 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 2018. Pass the Journal entry for interest on capital.
