ADXL345 Data Rate seems to depend more upon Baud rate than the actual Data Rate that I set
You do know that sending data through serial takes time, don't you?

You are sending 41 bytes per reading. The serial port has a 64 byte buffer. By the second reading the buffer is full and all printing blocks until there is room in the buffer.

At 38400 baud that's sending 3840 bytes per second. With 41 bytes per reading that's 93.66 readings per second (not including the time taken to do the actual reading) that you can squeeze down the serial port.

Either run at a faster speed, or reduce the quantity of data you're sending per reading - or do both.