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How do record in johns admission in the partnership

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On June 1, 20x1 , John was admitted in the partnership of Andrew and Jess by investing P 100,000 cash. Consequently, John bacame a new partner in the partnership. The partners agreed to credit John's capital account with an amount equal to his investment. Andrew and Jess have capital balances of P 300,000 and P 150,000 respectively as of Kune 1, 20x1, with a P/L ration of 7:3.

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Problem 1: How do record in Joh'ns admission in the partnership.

Reference no: EM132820640

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