[jecster]

The partnership of Sara and Moira has been operating during the last three years.Their respective capital balances and profit and loss sharing are as follows:

Sara Moira
Capital P240,000 P260,000
P/L Ratio 5 3

The partners agree that Gian is to be admitted as a new partner,
Required:
Prepare the journal entries to record Gian's admission under each of the following situations:

1. Gian purchases 1/3 of Sara's interest for P100,000.
2. Gian purchases 1/2 of Moira's interest for P130,000.
3. Gian purchases 1/4 of Sara's interest for P70,000.
4. Gian purchases 1/5 of partnership's interest for P130,000.
5. Gian purchases 3/4 of partnership's interest for P350,000.

[accountingnewb]

1.) Sara, Capital 80,000
Gian, Capital 80,000

2.) Moira, Capital 130,000
Gian, Capital 130,000

3.) Sara, Capital 48,000
Moira, Capital 52,000
Gian, Capital 100,000

4.) Sara, Capital 180,000
Moira, Capital 195,000
Gian, Capital 375,000

Hope this helps! :)