Simrat and Bir are partners in a firm sharing profits and losses in the ratio of 3 : 2. On 31st March, 2023 after closing the books of account, their Capital Accounts stood at ₹4,80,000 and ₹6,00,000 respectively. On 1st May, 2022, Simrat introduced an additional capital of ₹1,20,000 and Bir withdrew ₹60,000 from his capital. On 1st October, 2022, Simrat withdrew ₹2,40,000 from her capital and Bir introduced ₹3,00,000. Interest on capital is allowed at 6% p.a. Subsequently, it was noticed that interest on capital @ 6% p.a. had been omitted. Profit for the year ended 31st March, 2023 amounted to ₹2,40,000 and the partners' drawings had been: Simrat – ₹1,20,000 and Bir – ₹60,000. Compute the interest on capital if the capitals are (a) fixed, and (b) fluctuating.

 Simrat and Bir are partners in a firm sharing profits and losses in the ratio of 3 : 2. On 31st March, 2023 after closing the books of account, their Capital Accounts stood at  ₹4,80,000 and   ₹6,00,000 respectively. On 1st May, 2022, Simrat introduced an additional capital of   ₹1,20,000 and Bir withdrew   ₹60,000 from his capital. On 1st October, 2022, Simrat withdrew   ₹2,40,000 from her capital and Bir introduced  ₹3,00,000. Interest on capital is allowed at 6% p.a. Subsequently, it was noticed that interest on capital @ 6% p.a. had been omitted. Profit for the year ended 31st March, 2023 amounted to   ₹2,40,000 and the partners' drawings had been: Simrat –  ₹1,20,000 and Bir –  ₹60,000. Compute the interest on capital if the capitals are (a) fixed, and (b) fluctuating.

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