Atul, Bajaj and Madan were partners in a firm sharing profits and losses in the ratio of 1: 2: 5. The partnership deed provides that interest on a…

Atul, Bajaj and Madan were partners in a firm sharing profits and losses in the ratio of $\displaystyle 1$ : $\displaystyle 2$ : 5. The partnership deed provides that interest on a partner's drawings shall be charged @ $\displaystyle 18$% per annum. During the year ended 31st March, $\displaystyle 2025$, Bajaj withdrew ₹ $\displaystyle 7,000$ at the end of each quarter. Interest on Baja j's drawings will be :

Damodar, Rao and Shridharan were partners in a firm sharing profits and losses in the ratio of $\displaystyle 3$ : $\displaystyle 1$ : 1. Their fixed capitals were ₹ $\displaystyle 4,00,000$; ₹ $\displaystyle 3,00,000$ and ₹ $\displaystyle 2,00,000$ respectively. Interest on capital is allowed at the rate of $\displaystyle 6$% per annum. Journal entry for allowing interest on Rao's capital will be : Debit Credit Particulars Amount Amount () ()