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Prepare the entries upon the admission of wendy

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Question - Cathy and Tony are partners with capital balances of P1,200,000 and P800,000, respectively. They share profits and losses in the ratio of 3:2, respectively. Rowena wishes to be admitted as a partner in the partnership.

Required - Prepare the entries upon the admission of Wendy under each of the following independent cases.

a. Rowena purchases 1/4 of the equity of Tony for P320,000.

b. Rowena invests P400,000 for 1/6 interest.

c. Rowena invests P800,000 for 1/3 interest in the agreed capital of P300,000. Partnership inventories are understate by P200,000.

d. Rowena invests P800,000 for a 1/4 interest. An item equipment of the partnership is overvalued by P160,000.

e. Rowena invests P1,200,000 receiving a capital credit of P800,000 which is 1/4 of the new partnership capital.

Reference no: EM133167123

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