Joe and Devance are partners with a profit and loss sharing ratio of 6:4. Their capital balances are P60,000 and P30,000, respectively. They agreed to admit Gin into the partnership. 

 

1. if Gin is to purchase 1/3 interest from the old partners and the the former pays the old partners amounting to P32,500, how much did Joe actually receive from the transaction?

 

2. If Gin is to invest P30,000 for 1/3 interest, how much will be the balance of Joe after Gin's admission?

 

3. if Gin is to purchase 1/3 interest from the old partners and the the former pays the old partners amounting to P32,500, how much did Devance actually receive from the transaction?

 

4. if Gin is to invest P50,000 for a 1/4 interest in a new capital of P140,000, how much will be the balance of Joe after Gin's admission?

 

5. if Gin is to purchase 1/3 interest from the old partners and the the former pays the old partners amounting to P32,500, how much cash was recorded in the book of the partnership?

 

6. if Gin is to invest P60,000 for a 1/3 interest and after Gin's admission, a credit to Joe capital's account would include an amount of?

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