Rakshit and Malik are partners in a firm sharing profits and losses in the ratio of 4 : 1. On 1st April, 2021, their capitals were ₹1,20,000 and ₹80,000 respectively. On 1st December, 2021, they decided that the total capital of the firm should be ₹3,00,000 to be contributed by them in the ratio of 2 : 1.
According to the partnership deed, interest on capital is allowed to the partners @ 6% p.a.
Calculate interest on capital to be allowed for the year ending 31st March, 2022.