Reference no: EM132823901
Question - This is an practice problem, I got problem solving this.Admission of a new partner by investment
Peter and Paul are partners with capital balances of P300,000 and P200,000, respectively.
They share profits and losses in a 3:2 ratio. Mary wishes to be admitted as a partner in the partnership.
Required - Prepare the entries upon the admission of Mary under each of the following independent cases:
1. Mary invests P100,000 for 1/6 interest in the partnership.
2. Mary invests P200,000 for 1/3 interest in the agreed capital of P750,000. Partnership inventories are undervalued by P50,000.
3. Mary invests P200,000 for 1/4 interest in the partnership. Partnership asset-machinery is overvalued by P40,000,
4. Mary invests P300,000 for a capital credit of P200,000, which is 1/4 of the new partnership capital.
5. Mary invests P300,000 for a 50% interest in the firm's total capital.
Directions: Give the entries to record the admission of Mary, the entries for the asset revaluation and prepare the revised partner's equity.
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