Reference no: EM133143074

Question - KD and Lexa of the KL PARTNERSHIP have capital balances of Php180,000 and Php360,000, respectively. They share profits and losses in the ratio of 40% and 60%, respectively.

They agree to admit Mona into the partnership.

Required - Record the admission of Mona under the following independent cases:

a. Mona invests Php300,000 for a 1/3 interest in the new partnership. The agreed new capital is Php900,000.

b. Mona invests Php280,000 for a 1/3 interest in a new capital of Php900,000.

c. Mona invests Php250,000 for a ¼ interest in the firm.

d. Mona invests Php260,000 for a ¼ interest in the partnership. After the admission of Mona, the capital contributions must be made equal to the new profit/loss ratio.

e. Mona invests Php210,000 for a 1/3 interest in the agreed new capital of Php750,000.

f. Mona invests Php250,000 for a ¼ interest in the partnership. The agreed new capital is Php900,000.

g. Mona invests an amount for a 40% interest in the partnership.

h. Mona invests Php360,000 for a 30% interest in the firm with a new capital of Php1,200,000.

After the admission, their capital contributions must be made equal to the new profit/loss ratio.