Test III.PROBLEM-SOLVING a. Admission of a New Partner (15points) Edelle Hernandez and Teresita Gementiza are partners who share profits and losses on an arbitrary ratio of 30%-70%. Their respective capital balances are P100, 000 and P150,000. Licerio Santos was admitted by buying % of interest in the partnership. Assuming Santos pays P80, 000, answer the following questions: 1. How much is the book value of the interest purchased by Santos? 2. Who will receive the proceeds from the sale? 3. How much is the personal gain of the partners? 4. How much is the capital credit to Santos upon admission? 5. If Santos pays P50, 000, how much is the personal loss of the partners? b. Withdrawal or Retirement/Death, Bankruptcy or Incapacity of a Partner (10 points) Pedro Amandoron, Luz Un and Nelson Daganta are partners who shared profits and losses of 30%, 50% and 20% respectively. Luz Un decides to withdraw from the partnership. Their respective capital account balances after partnership's books have been adjusted, as follows: Required: Pedro Amandoron Luz Un Nelson Daganta P 60,000 85,000 55,000 Prepare journal entry to record the withdrawal of Luz Un from the partnership under the following assumptions: Nelson Daganta buys her share for P 90,000 a. b. Pedro Amandoron buys 4 of her share and 1/4 by Nelson Daganta C. Marco Ocenar, an outsider buys her interest for P80,000