Solution-Record the journal entries of the Admission of Sisa

Record the journal entries of the Admission of Sisa

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Reference no: EM132571312

Question - Crispin and Basilio are partners with capital balances of P600,000 and 400,000 respectively. They share profits and losses in the ratio of their capital balances. They decided to admit Sisa in the partnership.

Required -

1. Record the journal entries of the Admission of Sisa.

2. Compute for the capital balances of the partners after the admission of Sisa under the following assumptions:

a. Sisa is to invest P500, 000 for 33.33% interest. Total agreed capital is 1,500,000.

b. Sisa is to invest P500, 000 for 40% interest. Total agreed capital is 1,500,000.

c. Sisa is to invest P500, 000 for 30% interest. Total agreed capital is 1,500,000.

Reference no: EM132571312

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Record the journal entries of the Admission of Sisa

Reference no: EM132571312

Reference no: EM132571312

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