Hari and Kunal were partners in a firm sharing profits in the ratio of 5:3. Their fixed capitals on 31st March 2022 were: Hari ₹ 60,000 and Kunal ₹ 80,000. They agreed to allow interest on capital @ 12% p.a.

Hari and Kunal were partners in a firm sharing profits in the ratio of 5:3. Their fixed capitals on 31st March 2022 were: Hari ₹ 60,000 and Kunal ₹ 80,000. They agreed to allow interest on capital @ 12% p.a. The profit of the firm for the year ended 31st March 2023 before allowing interest on capital was ₹ 12,600. Pass necessary Journal entries for he above transactions in the books of Hari and Kunal. Also, show your working clearly.