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.

Ajay, Binay and Chetan were partners sharing profits in the ratio of 3

1.	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.
Answer» EXPLANATION: JOURNALS Particulars DEBIT Credit Ajays Capital 6400 Binay's Capital 2000 To Chetan's Capital 8400 Profit and LOSS Appropiate Account Particulars Rs Particulars Rs To salary By Profit And loss A/c 150000Ajay 8000binay 8000 16000To Chetans capital 8000To Profit And lossAjay capital A/c 45600Binay capital A/c 50000chetan capital A/c 30400 150000 150000

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