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What the journal entries to record the admission

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Question - What the journal entries to record the admission of the new partner under each of the following problems and assumptions.

Myqui, Razel, and Melissa have equities in a partnership of 500,000, 800,000, and 700,000, respectively. They share profits and losses in a ratio of 5:3:2, respectively. The partners have agreed to admit Jas to the partnership.

1. Jas invested 400,000 for a 25% interest, and bonus is recorded for Jas.

2. Jas invested 800,000 for a 20% interest, and bonus is recorded for the old partners.

Partners Magy and Jovel have capital account balances of 30,000 and 20,000, respectively, and they share profits and losses in a 3:1 ratio.

Reference no: EM132903573

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