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Problem 5: Admission and Retirement of a Partner Cheng, Ang and Sy are partners sharing profits and losses in the ratio of 5:3:2, respectively.

Problem 5: Admission and Retirement of a Partner Cheng, Ang and Sy are partners sharing profits and losses in the ratio of 5:3:2, respectively. Their capital and loans balances are as follow: Cheng Ang Sy Capital 360,000 150,000 240,000 Loan 10,000 15,000 20,000 Total Interest 370,000 165,000 260,000 Required: Using the following independent assumptions, prepare the journal entries.

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