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Prepare the journal entries to record the admission of Amolo

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Question - Dapun, Ayuban, and Rusell have equities in a partnership of P600,000, P9000,000, and P500,000, respectively, and share profits and losses in a ratio of 2:1:2, respectively. The partners have agreed to admit Amolo to the partnership.

Required - Prepare the journal entries to record the admission of Amolo to the partnership under each of the following assumptions:

Amolo invested P500,000 for 30% interest, and bonus is recorded for Amolo.

Amolo invested P750,000 for a one-fifth interest, and bonus is recorded for the old partners.

Reference no: EM132523822

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