  The thermodynamics of a spin-1/2 magnetic multilayer system with
antiferromagnetic interplanar couplings is studied using the Pair Approximation
method. The special attention is paid to magnetocaloric properties, quantified
by isothermal entropy change. The multilayer consists of two kinds of magnetic
planes, one of which is diluted. The intraplanar couplings in both planes have
arbitrary anisotropy ranging between Ising and isotropic Heisenberg
interactions. The phase diagram related to the occurrence of magnetic
compensation phenomenon is constructed and discussed. Then the isothermal
entropy change is discussed as a function of interaction parameters, magnetic
component concentration and external magnetic field amplitude. The ranges of
normal and inverse magnetocaloric effect are found and related to the presence
or absence of compensation.
