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Post Info TOPIC: Computerised journal entries for interest on capital...............?????
Tina T


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Computerised journal entries for interest on capital...............?????
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Hi, I am a bit stuck with this and have been for several hours now no

Bookkeeping for a partnership, one of the three partners has retired and is not receiving all of their invested capital immediatley instead it is going to be turned into an interest free loan.

I am half way through their year and I need to add 5% interest on capital to the retiring partners loan and also 1/3 of the profit. 

What I need to know is: Will she receive a 3rd of the profit on the profit as it stands at the date she left the partnership? 

I need to know what journal entries I make for (I'm using sage)

Her share of the profit at the date she left.

Her interest on capital at the date she left.

I haven't done any bookkeeping for a partnership before and it's been a long time since I studied it.

 

Any help gratefully received x



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