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Priya and Kajal are partners in a firm, sharing profits and losses in the ratio of 5:3. The balance in their fixed capital accounts, on April 1, 2016 were: Priya, Rs. 6,00,000 and Kajal, Rs. 8,00,000. The profit of the firm for the year ended 2017 is Rs, 1,26,000. Calculate their shares of profits: (a) when there is no agreement in respect of interest on capital, and (b) when there is an agreement that the interest on capital will be allowed @ 12% p.a.

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(a) Profit : Priya, Rs. 78,750, Kajal, Rs. 47,250
(b) Profit NIL. Interest on capital: Priya, Rs. 54.000, Kajal, Rs. 72,000

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