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Prepare the journal entry to record C admission

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Question - A, B and C are partners in ABC Partnership. Profits and losses are shared in the ratio of 5:3:2. On July 1, 2020, when their capital balances stood at P50,000, P25,000, and P30,000, respectively, they agree to admit D to the partnership.

Required - Prepare the journal entry to record C's admission to the partnership under each of the following assumptions:

a) D pays B P15,000 for 50% of her interest.

b) D pays A P10,000 and C P7,500 for 25% of each of their interests.

c) D invests P20,000 cash in the partnership for a 10% interest. (Goodwill)

d) D invests P20,000 cash in the partnership for a 20% interest. (Goodwill)

e) D invests P45,000 cash in the partnership for a 30% interest. (No Goodwill/No Asset Revaluation)

Reference no: EM133112703

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