Seema, Tanuja and Tripti were partners in a firm trading in garments. They were sharing profits in the ratio of 5 : 3 : 2. Their fixed capitals on 1st April, 2014 were 3,00,000, 4,00,000 and 8,00,000 respectively. After the flood in Uttarakhand, all partners decided to help the flood victims personally. For this, Seema withdrew 20,000 from the firm on 15th September, 2014. Tanuja instead of withdrawing cash from the firm, took garments amounting to 24,000 from the firm and distributed those to the flood victims. On the other hand, Tripti withdrew 2,00,000 from her capital on 1st January, 2015 and provided a mobile medical van in the flood affected area. The partnership deed provides for charging interest on drawings @ 6% per annum. Interest on capital was allowed @ 10%.
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