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

ASSETS			LIABILITIES & CAPITAL
Cash	3,000		Liabilities	9,000
Non-cash assets	39,000		M, Capital (60%)	24,000
M, Loan	3,000		P, Capital (40%)	12,000
Total	45,000		Total	45,000

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

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

1. S invests P12,000 for a 1/4 interest in the firm. Total firm capital is to be P48,000.
2. S invests P12,000 for a 35% interest in the firm. The total agreed capital after admission is to be P48,000.
3. S invests P12,000 for a 1/3 interest in the firm and is allowed a credit of P18,000 for his capital.
4. S 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 capita with bonus being to be recognized, keeping in mind that S would be acquiring a 1/4 interest in profits.
5. S 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.
6. S invests P18,000 for a 40% capital interest and a 25% interest in profits. Assuming a bonus approach.
7. S invests P18,000 for a 40% capital interest and a 25% interest in profits. Assuming a revaluation to the old partners.