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

 

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:

a. J invests P12,000 for a 1/4 interest in the firm. Total firm capital is to be P48,000.

b. j invests P12,000 for a 35% interest in the firm. The total agreed capital after admission is to be P48,000.

c. J invests P12,000 for a 1/3 interest in the firm and is allowed a credit of P18,000 for his capital.

d. 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 capital, keeping in mind that J would be acquiring a 1/4 interest in profits.

e. 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 an equipment undervalued by P8,400.

f. j invests P18,000 for a 40% capital interest and a 25% interest in profits. Assuming a bonus approach.

g. j invests P18,000 for a 40% capital interest and a 25% interest in profits. Assuming a revaluation approach.

ASSETS LIABILITIES and CAPITAL Cash P3,000 Liabilities G, capital (60%) H, capital (40%) P9,000 24,000 12,000 Non-cash assets 39,000 3,000 G, Loan Total P45,000 Total P45,000