The financial year runs from April 1, 2019 to March 31, 2020.
Sameer's capital changed during the year:
- April 1 to September 30, 2019 (6 months): Rs 15,00,000
- October 1, 2019 to March 31, 2020 (6 months): Rs 15,00,000 + Rs 3,00,000 = Rs 18,00,000
Since the capital amount changed during the year, interest must be calculated separately for each period.
Interest calculation:
For the period April 1 to September 30, 2019:
Interest = Rs 15,00,000 × 1005 × 126 = Rs 37,500
For the period October 1, 2019 to March 31, 2020:
Interest = Rs 18,00,000 × 1005 × 126 = Rs 45,000
Total Interest on Sameer's Capital for 2019-20:
Rs 37,500 + Rs 45,000 = Rs 82,500
The admission of Ravi and the profit-sharing ratio are not relevant for calculating interest on capital, as interest is calculated solely based on the capital balance and time period.