Problem $3$: On January $1,2021,$ Jay, Jun and John have capital balances of P$125\mathrm{.}000$ P$75,000$ and P$100,000,$ respectively. The profit and loss ratio is $2$:$1$:$2,$ respectively. Analyze the following independent situations:

$1.$ A new partner, Mica, was admitted on January $1,2021$ who will invest cash of P$50\mathrm{.}000$ for a $20\%$ interest in an agreed capitalization of P$350,000.$ The accountant should recognized:

A$.$ BONUS TO NEW PARTNER

B$.$ NO BONUE NOR ASSET REVALUATION

C$.$ ASSET REVALUATION

D$.$ BONUS TO ORIGINAL PARTNERS

What are the entries to record the admission, and what is the revised partner's equity?

$2..$ Ali joined the firm on January $1,2021$ to a $40\%$ interest for an investment of P$220,000.$ Agreed capitalization was P$550,000.$ hat are the entries to record the admission, and what is the revised partner's equity?

$3.$ Jem joined the partnership on January $1,2021$ by investing P$150,000$ for a $$ interest in an agreed capitalization of P$500,\mathrm{.}000.$ The accountant should recognized?

A$.$ BONUS TO NEW PARTNER

B$.$ ASEET REVALUATION AND BONUS

C$.$ ASSET REVALUATION

D$.$ BONUS TO ORIGINAL PARTNERS

What are the entries to record the admission, and what is the revised partner's equity?

$4.$King joined the partnership on January $12021$ by investing P$120\mathrm{.}000$ for a $35\%$ interest in an agreed capitalization of P$400,000.$ The accountant recognized?

A$.$ BONUS TO NEW PARTNER

B$.$ ASSET IMPAIRMENT FOR ORIGINAL PARTNER

C$.$ ASSET REVALUATION

D$.$ ASSET IMPAIRMENT FOR ORIGINAL PARTNER AND BONUS TO NEW PARTNER

What are the entries to record the admission, and what is the revised partner's equity?

$5.$ Jay retired by selling his share to Jun for P$100,000.$ How much is the total capital of the partnership after the retirement of Jay? The accountant recognized?

A$.$ ASSET REVALUTION

B$.$ BONUS TO RETIRING PARTNER

C$.$ BOMUS TO CURRENT PARTNER

D$.$ TRANSFER OF INTEREST ONLY

What are the entries to record the sale, and what is the revised partner's equity?

$6.$ Jay retired and the partnership paid him $150,00$ after the assets were revalued. What is the total asset revaluation? What is the entry to record Jay's retirement and what is the revised partner's equity?