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: 

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

Marks-3, CBSE: 2024-25/Zone-4/Set-1/Q-20(b)

Answer :

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