27. Ajay. Binay and Chetan were partners sharing profits in the ratio of 3 : 3:2. The partnership
deed provided
for the following:
(i) Salary bf 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 partnership deed. Pass necessary rectifying entry for the above adjustments in the
books of the firm.
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