Q.7 Anil, Vineet and Vipul were partners in a firm manufacturing food items. They were shuring profits in the ratio
of 5: 3:2. Their capitals oa lat April, 2019 were 14,00,000, 05.00,000 und 19,00.000 respectively. After the
floods in Oktrandul, all partner decided to help the flood victims personally. For the Anil withdrew 30,000
from the firm on 30th September, 2019. Vineet instead of withdrawing auch from the firm took me food
items amounting to 125.000 from the firm and distributed those to flood victims. On the other hand, Vipul
withdrew 12.50,000 from his cxpital on 1st January, 2020 and built a shelter home to help flood victime. The
partnership deed provides for charping interest on drawinps 26% p.2. After the final accounts were prepared it
was discovered that interest on drawings had not been charged.
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