Mimi andGigiare partners sharing profits and losses in the ratio of 2:3 with capitals

P9,000 and P15,000 respectively.Lulu is to be admitted into the partnership after which

they will share profits and losses equally.The books of the old partnership will still be

used by the new partnership.

REQUIRED:

Give the entry to record the admission of Lulu under each of the following independent

assumptions.Show also the comparative capital structure and interest of each partner in

relation to the total capital before and after the admission of Lulu.

a.Lulu buys the interest of Mimi for P3,000.

b.Lulu buys 1/5 interest ofGigifor P2,000.

Lulu buys the interest of Mimi for P5,000 and the interest ofGigifor P6,000.