Partnership Dissolution Instruction: Prepare the answers and solutions in written form using a clean paper (e.g. Yellow pad, bond paper, notebook etc.) and submit a snapshot in CANVAS. Problem 1. A and B are partners in an electrical repair business. Their respective capital balances are P90,000 and P50,000, and they share profits or losses equally. Because the partners are confronted with personal financial problems, they decided to admit a new partner to the partnership. After an extensive Interviewing process, they elect to admit Cinto the partnership. Required: Prepare the journal entry to record the admission of Cinto the partnership and determine capital balances of A, B and C under each of the following condition: 1. Cacquires one-fourth interest of A's capital interest by paying 30,000 directly to him. 2. Cacquires one-fifth interest of each A and B capital interest. A receives P25,000 and B receives P15,000 directly from C. 3. Cacquires a one-fifth interest for a P60,000 cash investment in the partnership. Total capital after the admission is to be P200,000. 4. Cinvests P40,000 for a one-fifth interest in partnership capital, goodwill/asset revaluation to the old partners is to be recorded

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