Elton and John are partners with profit and loss ratio of 80:20 and capital balances of P800,000 and P400,000, respectively. Sir is to be admitted into the partnership under each of the following assumption: Prepare the journal entry 1. Sir is going to purchase 15% interest in the partnership by paying P180,000 2. Sir is going to purchase 1/5 of Elton's interest and 1/4 of John's interest by paying P200,000 and P150,000 respectively. 3. Sir is going to purchase 40% of Elton's interest and 60% of John's interest by paying P200,000 and P100,000 respectively