P1

A and B are partners of AB Partnership sharing profits and losses in the ratio 4:6. Their capital balances are P400,000 and P600,000, respectively.

On October 1, 2019, upon mutual agreement of Partner A and Partner B,

Partner C was admitted to the partnership, under different assumptions.

Case a. C purchased one-half (1/2) of As interest for P250,000.

b. C purchased one-third (1/3) of Bs interest for P150,000.

c. C purchased one-fourth (1/4) of a partnership interest for P350,000.

d. C purchased one-half (1/2) interest of Partners A and B by paying

P600,000.

Requirement: Journal entries for each of the cases and solutions in good form.