A and B were partners in a firm sharing profits in the ratio of 5:3. Their fixed capitals on 31st March, 2017 were : A Rs. 60,000 and B Rs. 80,000. They agreed to allow interest on capital @ 12% p.a. The profit of the firm for the year ended 31st March, 2018 before allowing interest on capitals was Rs. 12,600. 

Pass necessary journal entries for the above transactions in the books of A and B. Also show your working notes clearly. 

Marks-4, CBSE:2018-19/Main/04/Q-12 

-12  

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