J. Adeola and R. Ojoowuro are in partnership under the firm name Adeola and Co. They share profit and losses in the ratio 3/5 and 2/5 respectively. The partnership admit K. Jejelaye on January 2nd ,2015. Jejelaye is to be admitted into the partnership by investing N62000 cash to acquire ¼ interest in the partnership. The partnership balance sheet on that date is shown below
Cash 18000
Other Asset 220000
Total liabilities 100000
J. Adeola capital 90000
R. Ojoowuro capital 48000

Total Asset 238000
Total liabilities and equity 238000


Required:
a. Compute Jejelaye capital balance and determine whether there is any bonus.
b. Record Jejelaye investment in the partnership business.
c. What is the balance in the Capital Account of J. Adeola and R. Ojoowuro.
d. Prepare the partnership balance sheet immediately after Jejelaye is admitted as partner.
e. Give the reason why the admission of Jejelaye increases the partnership total assets.