Sonia and Shruti were partners in a firm sharing profits and losses in the ratio of 5 : 3. On 1st April, 2023, the balance in their Fixed Capital Accounts were ₹ 25,00,000 and ₹ 15,00,000, respectively

Sonia and Shruti were partners in a firm sharing profits and losses in the ratio of 5 : 3. On 1st April, 2023, the balance in their Fixed Capital Accounts were ₹ 25,00,000 and ₹ 15,00,000, respectively. The profit of the firm for the year ended 31st March, 2024 was ₹ 24,00,000. Calculate their share of profit if:

(i) The Partnership Deed is silent as to the payment of interest on capital.

(ii) The Partnership Deed provides for interest on capital @ 10% per annum.

[Ans.: (i) No interest on capital; Share of Profit: Sonia – ₹ 15,00,000; Shruti – ₹ 9,00,000. (ii) Share of Profit: Sonia – ₹ 12,50,000; Shruti – ₹ 7,50,000.]