Solution-Prepare journal entries for the admission of

Prepare journal entries for the admission of Sanchez

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Reference no: EM133166426

Question - Gonzales and Santos are partners sharing profits and losses in the ratio of 60% and 40% respectively. Their capital balances are, Gonzales, 240,000 and Santos, 120,000

Under each of the following independent case, prepare journal entries for the admission of Sanchez.

a. Sanchez invests P150,000 for a ¼ interest in the new capital of P560,000.

b. Sanchez invests P150,000 for a ¼ interest in the partnership based on the capital contribution of Sanchez.

c. Sanchez invests P100,000 for a ¼ interest in the partnership based on the partnership using the bonus method

d. Sanchez invests P200,000 for a 50% interest in the partnership based on the total contribution of the partners.

e. Sanchez invests P100,000 for a ¼ interest in the new capital of P560,000. The partners capital should be made equal the new profit and loss ratio.

Reference no: EM133166426

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Prepare journal entries for the admission of Sanchez

Reference no: EM133166426

Reference no: EM133166426

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