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Espinas and Flores are partners who share profits and losses in a ratio of 2:3, respectively. They have the following capital balances on December 31, 2016:
Espinas, Capital ??P100,000 creditFlores, Capital ???P150,000 credit?The partners agree to admit Gonia to the partnership. Required:
Problem (a) Calculate the capital balances of each partner. Record bonuses by preparing a bonus schedule, when appropriate, and
Problem (b) Prepare the necessary journal entries.
a. Gonia paid Espinas P50,000 for 40% of his interest.b. Gonia invested P50,000 for a 25% interest in the partnership.c. Gonia invested P50,000 for a 15% interest in the partnership.
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