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Prepare the journal entries to record the admission of Reta

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Activity - Admission by Investment of Assets - Geron, Acob and Onate have equities in a partnership of P500,000, P800,000 and P700,000, respectively, and share profits and losses in a ratio of 5:3:2, respectively. The partners have agreed to admit Reta to the partnership.

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

1. Reta invested P400,000 for a 25% interest, and bonus is recorded for reta.

2. Reta invested P800,000 for a 20% interest and bonus is recorded for the old partners.

Reference no: EM132934625

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