Partners Gonzaga and Magada have capital account balances of P30,000 and P20,000, respectively, and they share profits and losses in a 3:1 ratio.

How would you prepare the journal entries to record the admission of Ortiz under each of the following conditions:

1. Ortiz invested P30,000 for a one-fourth interest in net assets; the total partnership capital after Ortiz's admission will be P80,000.

2. Ortiz invested P30,000, of which P10,000 is a bonus to Gonzaga and Magada. In conjuction with the admission of Ortiz, the carrying amount of the inventories is increased by P16,000. Ortiz's capital account is credited for P20,000.