Amit and Bramit started business on 1st April 2022 with capitals of ₹ 15,00,000 and ₹ 9,00,000 respectively

Amit and Bramit started business on 1st April 2022 with capitals of ₹ 15,00,000 and ₹ 9,00,000 respectively. On 1st October 2022, they decided that their capital should be ₹ 12,00,000 each. The necessary adjustments in the capital 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 2023.

[Ans: Interest on capital: Amit – ₹ 1,08,000; Bramit – ₹ 84,000.]