Problem 1 Lenny, Merry and Nery are partners in which profits and losses are shared equally. Lenny, Merry and Nery have capital balances of P80,000, P120,000 and P100,000, respectively Instructions: For each of the situations presented below, prepare the necessary journal entries for the partnership records. SITUATIONS 1 2 3 Guzman Guzman Guzman Admission of a new partner Entering partner Purchase Price Interest in capital acquired Paid to P120,000 30% P60,000 20% P80,000 30% Matias N/A Partnership Bonus Partnership Asset Revaluation Method used SITUATIONS 4 5 6 Luna Luna Luna P78,000 Withdrawal of partner Exiting partner Selling Price Interest in capital sold Paid by Method used P96,000 100% P50,000 100% 50% each David Matias & Noble Partnership Bonus N/A N/A Problem 1 Lenny, Merry and Nery are partners in which profits and losses are shared equally. Lenny, Merry and Nery have capital balances of P80,000, P120,000 and P100,000, respectively Instructions: For each of the situations presented below, prepare the necessary journal entries for the partnership records. SITUATIONS 1 2 3 Guzman Guzman Guzman Admission of a new partner Entering partner Purchase Price Interest in capital acquired Paid to P120,000 30% P60,000 20% P80,000 30% Matias N/A Partnership Bonus Partnership Asset Revaluation Method used SITUATIONS 4 5 6 Luna Luna Luna P78,000 Withdrawal of partner Exiting partner Selling Price Interest in capital sold Paid by Method used P96,000 100% P50,000 100% 50% each David Matias & Noble Partnership Bonus N/A N/A