Admission by Investment of Assets Partners Gonzaga and Denajeba have capital account balances of P30,000 and P20,000, respectively, and they share profits and losses in a 3:1 ratio. Required Prepare the journal entries to record the admission of Ortiz under each of the following conditions 1. Ortiz invested P30,000 for a one-fourth interest in net assets; the total partnership capital after Ortiz's admission will be P80,000. 2. Ortiz invested P30,000, of which P10,000 is a bonus to Gonzaga and Denajeba. In conjunction with the admission of Ortiz, the carrying amount of the inventories is increased by P16,000 Ortiz's capital account is credited for P20,000