Dapun, Ayuban, and Rusell have equities in a partnership of P600,000, P9000,000, and P500,000, respectively, and share
Fantastic news! We've Found the answer you've been seeking!
Question:
Dapun, Ayuban, and Rusell have equities in a partnership of P600,000, P9000,000, and P500,000, respectively, and share profits and losses in a ratio of 2:1:2, respectively. The partners have agreed to admit Amolo to the partnership.
Required: Prepare the journal entries to record the admission of Amolo to the partnership under each of the following assumptions:
Amolo invested P500,000 for 30% interest, and bonus is recorded for Amolo.
Amolo invested P750,000 for a one-fifth interest, and bonus is recorded for the old partners.
Posted Date: