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:
the partnership deed is silent as to the payment of interest on capital.
the partnership deed provides for interest on capital @ 10% per annum.