Kavitha and Pradeep are partners, sharing profits in the ratio of 3:2. They employed Chandan as their manager, to whom they paid a salary of Rs 750 pm. Chandan deposited Rs 20,000 on which interest is payable 9% pa. At the end of 2001 (after the division of profit), it was decided that Chandan should be treated as partner w.e.f. Jan 1, 1998 with 16th share in profits. His deposit being considered as capital carrying interest 6% pa like capital of other partners. Firm's profits after allowing interest on capital were as follows (Rs) 2001 Profit 59,000 2002 Profit 62,000 2003 Loss (4,000) 2004 Profit 78,000 Record the necessary journal entries to give effect to the above.