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Give the entry to record the admission of Lulu

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Question - Mimi and Gigi are partners sharing profits and losses in the ratio of 2:3 with capitals of P9,000 and P15,000, respectively. Lulu is to be admitted into the partnership after which they will share profits and losses equally. The books of the old partnership will still be used by the new partnership.

Requirement - Give the entry to record the admission of Lulu under each of the following independent assumptions. Show also the comparative capital structure and interest of each partner in relation to the total capital before and after the admission of Lulu.

1. Lulu buys 1/4 the interest of Mimi for P3,000.

2. Lulu buys 1/5 the interest of Gigi for P2,000.

3. Lulu buys 1/2 the interest of Mimi for P5,000 and 1/4 the interest of Gigi for P6,000.

Reference no: EM132796528

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