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

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 profit 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 the partnership Deed. Pass necessary rectifying entry for the above adjustments in the books of the firm. Show your working clearly.