Jay and Vijay were partners in a firm sharing profits and losses in the ratio of 7: 3. Their respective fixed capitals were ₹9,00,000 and ₹7,00,000. The partnership deed provided for interest on capital @ 8% per annum. After preparing the accounts for the year ended 31st March, 2024, it was discovered that interest on capital was allowed @ 9% per annum.  

Showing your workings clearly, pass the necessary journal entry to rectify the error.