88. 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 Partnership Deed. Pass necessary rectifying entry for the above adjustments in the books of the firm, Show your workings clearly. 

(Delhi 2016 C)