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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.
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