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Jake, Klem and Larry are partners whose capital balances and shares in profits and losses are as follows:
Capital Balance P/L Ratio
Jake P80,000 50%
Klem 40,000 20
Larry 30,000 30
Problem 1: Mar has been invited into the partnership. What entry (entries) must be made to record his admission under each of the following assumptions?
a. He pays P75,000 for ½ interest coming from each of the partners.
b. He pays P60,000 for 1/3 interest coming from each of the partners.
c. Same as in (b) above with the additional assumption that partnership assets are understated.
d. Mar pays P18,000 for1/4 of Jake's interest.
e. Same as in d above with the additional assumption that the partnership assets are overstated.
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