6 Sharing profits and losses where there is interest on drawings Jackie and Keri are in partnership sharing profit and losses in the ratio 2 : 1 respectively. However, the partners have agreed that interest should be charged on drawings at 6 per cent per annum.

During the year ended 31 December 2014 each partner’s drawings were as follows:

$

Jackie 15 000 Keri 22 000 The partnership made a profit of $33 780 for the year ended 31 December 2014.

Calculate the following:

a Interest on Jackie’s drawings b Interest on Keri’s drawings c Each partner’s share of the profits for the year ended 31 December 2014.