Reference no: EM132899901

Dennis is being admitted into the partnership of Danilo, Romeo and Sanros. As of the date of admission, the capital balances and share in net income of the three partners are as follows:

                 Capital Balance           P/L Ratio
Danilo          P30,000                  30%
Romeo          60,000                    50
Sanros           10,000                   20

Problem 1: Make the entries incidental to the admission of Dennis who invests P30,000 for:

a. 1/5 interest in the partnership with capital credit equal to his investment.
b. 1/3 interest in the partnership with total capitalization of P150,000.
c. 1/5 interest in the partnership with total capitalization of P130,000.
d. 30% interest in the partnership with total capitalization of P130,000.
e. 25% interest in the partnership with total agreed capital of P150,000.
f. 30% interest in the partnership. The partnership has asset revaluation of P10,000
g. 15% interest in the total partners' equity of P150,000.