Assume the following data for GH partnership had the following condensed balance sheet:

ASSETS LIABILITIES and CAPITAL

Cash P3,000 Liabilities P9,000 Non-cash assets 39,000 G, capital (60%) 24,000 G, Loan 3,000 H, capital (40%) 12,000

Total P45,000 Total P45,000

The percentages represent their respective profits and losses. The partners agree to admit J as member of the firm.

Required: Prepare the journal entries to record the admission of J, assuming:

1. J invests P12,000 for a 1/4 interest in the firm. Total firm capital is to be P48,000.
2. j invests P12,000 for a 35% interest in the firm. The total agreed capital after admission is to be P48,000.
3. J invests P12,000 for a 1/3 interest in the firm and is allowed a credit of P18,000 for his capital.
4. J contributed a tangible asset with a fair value of P30,000 with an assumed mortgage of P6,000 in exchange for a 30% interest in the capital, keeping in mind that J would be acquiring a 1/4 interest in profits.
5. J must invest cash of P28,800 equivalent to 37.5% interest in a total agreed capital of P76,800. Included in the noncash assets is equipment undervalued by P8,400.
6. j invests P18,000 for a 40% capital interest and a 25% interest in profits. Assuming a bonus approach.
7. j invests P18,000 for a 40% capital interest and a 25% interest in profits. Assuming a revaluation approach.