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What is the journal entry to record the admission of omar

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Reference no: EM132722141

Rachelle and Ruben who shared profits and losses in the ratio of 3:7 admitted Omar by letting the latter invests cash in the partnership. The respective capital balances of the partners were P80,000 for Rachelle and P100,000 for Ruben, Omar invests cash of P70,000 for 40% interest in the new firm interest of P250,000.

Required: Answer the following and show necessary computations.

Problem 1. How much is the total contributed capital of the partnership?

Problem 2. How much is the amount of bonus and who will received it?

Problem 3. What is the journal entry to record the admission of Omar?

Problem 4. Assuming that Omar invests cash of P150,000 for a 35% in the new firm capital of P3330,000, how much is the amount of bonus and who will received it?

Problem 5. Refer to Number 4, what is the journal entry to record the admission of Omar?

Reference no: EM132722141

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