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Case 1. Admission of new partner The capital account balances of the following partners follow: Joey (25%) - 250.000 Ermita (25%) - 350,000 Soila (50%

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Case 1. Admission of new partner The capital account balances of the following partners follow: Joey (25%) - 250.000 Ermita (25%) - 350,000 Soila (50% - 450.000 They agreed to sell one-fourth of their capital to partner Janeth for P300,000 Required: Prepare journal entry for admission of new partner

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