Ajay Binay and Chetan were partners sharing profits in the ratio of 3 3 2 The Partnership Deed provi......

Ajay, Binay and Chetan were partners sharing profits in the ratio of 3 : 3 : 2. The Partnership Deed provided for the following:

i Salary of   2,000 per quarter to Ajay and Binay. ii Chetan was entitled to a commission of 8,000 iii Binay was guaranteed a rofit of 50,000 p.a.

The profit of the firm for the year ended 31st March, 2015 was 1,50,000 which was distributed among Ajay, Binay and Chetan in the ratio of 2 : 2 : 1, without taking into consideration the provisions of Partnership Deed. Pass necessary rectifying entry for the above adjustments in the books of the firm. Show your workings clearly.

By: Aman