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Prepare entries to record admission of z into partnership

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X and Y are considering the admission of Z into the partnership. X and Y share income and loss in the ratio of 2:4, respectively. X's capital balance is P480,000 and Y's capital balance is P360,000.

Required:

Problem 1: Prepare entries to record the admission of Z into the partnership under each of the following independent assumptions:

1. Z acquired one-third of the interest of X paying P160,000.
2. Z acquired one-third of the interest of Y paying P70,000.

Reference no: EM132743761

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