Admission of a partner The Capital amounts in the chart below are to be used for Situation 1 and 2. Partner Capital N. Singh $240,000 G. Pander $130,000 Situation 1: N. Singh agrees to sell a third of her equity for $100,000 to J. Patel, for which the exchange of money is a private transaction, separate from the partnership. Situation 2: J. Patel is admitted to the partnership by contributing: $100,000 cash A vehicle with a book value of $25,000, accumulated depreciation of $5,000 and a market value of $17,000 An old computer originally purchased for $2000 but now worth $500 $10,000 worth of accounts receivable for which 3% is expected to be uncollected It is agreed that she will have a 20% share in the business and any bonuses be split according to a 2:1 ratio for existing partners (N. Singh to G. Pander). The Capital amounts in the chart below are to be used for Situations 3 to 5. Partner Capital N. Singh $240,000 G. Pander $130,000 E. Cidad $225,000 R. Edger $175,000 Situation 3: E. Cidad decides to leave the partnership. N. Singh and G. Pander privately pay him $100,000 and $80,000, respectively, for his share. The share will be split according to percentages of the amounts paid. Situation 4: E. Cidad decides to leave the partnership. The partnership pays him: $125,000 cash Land worth $150,000 Building worth $80,000 accumulated depreciation of $20,000 and a market value of $70,000 Bonuses paid are determined by fixed ratio of capital balances Situation 5: E. Cidad dies. Each partner pays $20,000 from their personal assets and the partnership pays $120,000 cash to E. Cidad's estate. E. Cidad's capital is divided by fixed ratio of capital balances. Use the journal below to record the admission and withdrawal of partners for each situation. No comments are required. DATE PARTICULARS P.R. DEBIT CREDIT Situation 1 Nov 19 Situation 2 Nov 19 Situation 3 Nov 19 Situation 4 Nov 19 Situation 5 Nov 19