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Show the entries regarding the admission of Cordero

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Question - Coral, Camus, and Cerda are partners sharing profits in the ratio of 4:4:2, respectively. As of December 31, 2015, their capital balances were P190,000 for Coral, P160,000 for Camus, P120,000 for Cerda.

On January 1, 2014, the partners admitted Cordero as a new partner and according to their agreement, Cordero will contribute P160,000 in cash to the partnership and also pay P20,000 for 15% of Camus' share. Cordero will be given a 20% share in profits while the original partners' share will be proportionately the same as before. After the admission of Cordero, the total capital will be P660,000, and Cordero's capital be P140,000.

Show the entries regarding the admission of Cordero, and the new capital balances of the partners.

Reference no: EM132821206

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