The capital accounts of the Maniquiz and Monte The capital accounts of Loida Cardenas and Christina

partnership on September 30, 2016 were:
Maniquiz, Capital (75%) 140000
Monte, Capital (25%) 56000
On October 1, Galang was admitted to a 35%
interest in the partnership when he purchased
35% of each existing capital for 100000, paid
directly to Maniquiz and Monte
REQUIRED: Determine the capital balances of
Maniquiz, Monte and Galang after Galang’s
admission to Partnership.
San Jose have balances of 150000 and 110000
respectively. Daria Labalan and Helen Magada are to
be admitted to the partnership. Labalan buys 1/5 of
Cardenas’ interest for 35000 and ¼ of San Jose’s
interest for 25000. Magada contributes 70000 cash to
the partnership, for which she is to receive an
ownership equity of 70000.
REQUIRED:
1. Journalize the entries to record the admission of
Labalan and Magada.
2. What are the capital balances of each partner after
the admission of the new partner?

Partner Gonzaga and Magada have capital account

balance of 30000 and 20000 respectively, and they
share profit and losses in a 3:1 ratio

REQUIRED:
Prepare the journal entries to record the admission of
Padilla under each of the following condition:
1. Padilla invested 30000 for ¼ interest in net asset,
the total partnership capital after the admission will
be 80000.
2. Padilla invested 30000 in which 10000 is a bonus to
old partners. In conjunction with admission of Padilla,
the carrying amount of inventories is increased by
16000. Padilla’s capital account is credited for 20000.