Exercise 2: Admission by Contributing Capital to Partnership Directly Dennis is being admitted into the partnership of Danilo, Romeo and Sanros. As of the date of admission, the capital balances and share in net income of the three partners are as follows: Capital Balance P30,000 P/L Ratio Danilo 30% Romeo 60,000 50 Sanros 10,000 20 Make the entries incidental to the admission of Dennis who invests P30,000 for: a. 1/5 interest in the partnership with capital credit equal to his investment. b. 1/3 interest in the partnership with total capitalization of P150,000. c. 1/5 interest in the partnership with total capitalization of P130,000. d. 30% interest in the partnership with total capitalization of P130,000. e. 25% interest in the partnership with total agreed capital of P150,000. f. 30% interest in the partnership. The partnership has asset revaluation of P10,000 g. 15% interest in the total partners' equity of P150,000.

Admitting New Partner Who Contributes Assets After the tangible assets have been adjusted to current market prices, the capital accounts of Grayson Jackson and Harry Barge have balances of $93, 000 and $ 130,000, respectively. Lewan Gorman is to be admitted to the partnership, contributing $62,000 cash to the partnership, for which he is to receive an ownership equity of $81,000. All partners share equally in income. Question Content Area a. Journalize the entry to record the admission of Gorman, who is to receive a bonus of $19,000. If an amount box does not require an entry, leave it blank. blank Cash 62,000 Lewan Gorman, Drawing 81,000 Harry Barge, Capital 19,000 Lewan Gorman, Capital 81,000 Question Content Area b. What are the capital balances of each partner after the admission of the new partner? Partner Balance Grayson Jackson Sfill in the blank a4bbb009305cfea_1 155,000 Harry Barge Sfill in the blank a4bbb009305 cfea_2 11,000 Lewan Gorman Sfill in the blank a4bbb009305cfea_3…

Question 9 Zahra and Batool are partners in Z&B Partnership with initial investment of $360,000 and $240,000, respectively. They share income and loss by 3: 2 ratio, respectively. They accepted Mariam as a new partner in the partnership. Required: Prepare Journal entries to record the admission of Mariam who invests cash of $160,000 in the partnership and receives 25% ownership interest in the new partnership. YOUR ANSWER SHOULD BE IN THE FOLLOWING FORM; DO NOT USE "," BETWEEN NUMBERS: Dr. Cash 100000 Cr. Land 100000 For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac).