On the basis of following information, answer the given questions:
Asif and Ravi are partners in a firm, sharing profits and losses in the ratio of 3 : 2. Their fixed capitals as on 1st April, 2016 were ₹ 6,00,000 and ₹ 4,00,000 respectively.
Their partnership deed provides for the following :
(i) Partners are to be allowed interest on their capital @ 10% per annum.
(ii) They are to be charged interest on drawings @ 4% per annum.
(iii) Asif is entitled to a salary of ₹ 2,000 per month.
(iv) Ravi is entitled to a commission of 5% of the net profit of the firm before charging such commission.
(v) Asif is entitled to a rent of ₹ 3,000 per month for the use of his premises by the firm.
The net profit of the firm for the year ended 31st March, 2017, before providing for any of the above clauses was ₹ 4,00,000.
Both partners withdrew ₹ 5,000 at the beginning of every month for the entire year.
The amount of Interest on Asif’s Capital, shown in the Profit and Loss Appropriation Account is: