16 Romel and Jennie share partnership profits and losses at 60 and 40 , respectively The partners agree to admit IU into the partnership for a 40 interest in capital and earnings Capital accounts immediately before the admission of IU are Romel (60 ) P 200,000 Jennie (40 ) 400,000 Total P 600,000 Required Prepare the journal entry(s) for the admission of IU to the partnership assuming IU invested P300,000 for the ownership interest IU paid the money directly to Romel and to Jennie for 40 of each of their respective capital interests Use both Book value Method and Asset Revaluation Method Prepare the journal entry(s) for the admission of IU to the partnership assuming IU invested P400,000 for the ownership interest IU paid the money to the partnership for a 50 interest in capital and earnings Use the Bonus Method Prepare the journal entry(s) for the admission of IU to the partnership assuming IU invested P700,000 for the ownership interest IU paid the money to the partnership for a 30 interest in capital and earnings Use the Bonus Method

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16. Romel and Jennie share partnership profits and losses at 60% and 40%, respectively. The partners agree to admit IU into the partnership for a

16. Romel and Jennie share partnership profits and losses at 60% and 40%, respectively. The partners agree to admit IU into the partnership for a 40% interest in capital and earnings. Capital accounts immediately before the admission of IU are: Romel (60%) P 200,000 Jennie (40%) 400,000 Total P 600,000

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Prepare the journal entry(s) for the admission of IU to the partnership assuming IU invested P300,000 for the ownership interest. IU paid the money directly to Romel and to Jennie for 40% of each of their respective capital interests. Use both Book value Method and Asset Revaluation Method.
Prepare the journal entry(s) for the admission of IU to the partnership assuming IU invested P400,000 for the ownership interest. IU paid the money to the partnership for a 50% interest in capital and earnings. Use the Bonus Method.
Prepare the journal entry(s) for the admission of IU to the partnership assuming IU invested P700,000 for the ownership interest. IU paid the money to the partnership for a 30% interest in capital and earnings. Use the Bonus Method