Name: DATE: SCORE: Accounting for Partnership (70 points] The partnership of Red and White admits Blue as a partner on January 1, 20CY. The partnershiphas the following balances on December 31, 20PY: Red and White Partnership Balance Sheet December 31, 20PY ABSOIS LibDummies and wwner s tquny Cash P450,000 Accounts Payable P 2,600,000 Other Assets 5,500,000 Red, Capital 2,250,000 White, Capital 1 200.000 Total Assets P 5,950,000 Total Liabilities and Owner's Equity P5.950.009 Profits andlosses for Red is 60% and 40%% for White, respectively. Requirements: 1. Suppose Blue pays White P1,500,000 to buy out White. Red approves Blue as a partner. 4. Record the transfer of equity on the partnership books on January 1, 20CY. (2 points: 1 pointfor each correct account and amountused) b. Prepare the partnership balance sheet immediately after Blue is admitted as a partner. ( 25 points) 2. Suppose Blue becomes a partner by investing P1,650,000 cash on January 1, 20 CY to acquire a 1/4 interest in the business. Compute Blue's capital balance, and determine whether there's any bonus. Ifso, who gets the bonus? (5 points] B. Journalize Blue's investment in the business (4 points: 1 point for each correct account and amount used) Prepare the partnership balance sheetimmediately after Blue is admitted as a partner, Include the heading (25 points) 3. Assume that Red and White partnership liquidates by seling it other assets for P5,000.000, Prepare the etries to liquidate the partnership on January 1, 20CY. (9 points: 1 point for each correct account and amount used) Rubrics for veering CRITERIA PERFORMANCE INDICATORS POINTS CRITERA POINTS Content 15 Heading Finance pond properyoutend ano Dated incomeot Sums CompoKING DoUS AN How of the polson is comics competibalanced 3 25 2