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What are the capital balances of each partner

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Question - Admission by purchase of Interest and Investment of Assets - The capital accounts of Loida and Cris have balances of P150,000 and P110,000, respectively. Daria and Helen are to be admitted to the partnership. Daria buys one-fifth of Loida's interest for P35,000 and one forth of Cris' interest for P25,000. Helen contributes P70,000 cash to the partnership, for which she is to receive an ownership equity of P70,000.

Required -

1. Journalize the entries to record the admission of Daria and Helen.

2. What are the capital balances of each partner after the admission of the new partners?

Reference no: EM132933859

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