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Question - X and Y have capital balances of P150,000 and P180,000, respectively. Z is to invest P60,000 for 15% in the partnership interest and also in the profit and loss. There is an undistributed net income in the amount of P80,000. Partners X and Y share profit and loss 65:35.
Required -
1. How much is the capital credit of Z upon his admission?
2. How much is the bonus to partner X from partner Z?
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