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Prepare the journal entry to record the admission

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Question - Phoenix and Tim Tucson are partners in an electrical repair business. Their respective capital balances are P90,000 and P50,000, and they share profits and losses equally. Because the partners are confronted with personal financial problems, they decided to admit a new partner to the partnership. After an extensive interviewing process they elect to admit Don Dallas into the partnership.

Required - Prepare the journal entry to record the admission of Don Dallas into the partnership under each of the following conditions:

1. Don acquires one-fourth of Phil's capital interest by paying P30,000 directly to him.

2. Don acquires one-fifth of each of Phil's and Tim's capital interests. Phil receives P25,000 and Tim receives P15,000 directly from Don.

3. Don acquires a one-fifth capital interest for a P60,000 cash investment in the partnership. Total capital after the admission is to be P200,000.

4. Don invests P40,000 for a one-fifth interest in partnership capital. Implicit goodwill (total revaluation of asset) is to be recorded.

Reference no: EM132621113

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