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Z will be admitted in the partnership of X and Y by investing P100,000 for 1/3 interest in the partnership with a new agreed capital

Z will be admitted in the partnership of X and Y by investing P100,000 for 1/3 interest in the partnership with a new agreed capital of P 450,000. The capital credit of Z is P100,000.

What is the entry to record the admission of Z ?

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