Sam & Caloy are partners with capital balances of Php 160,000 and Php 80,000. They share...

 

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Sam & Caloy are partners with capital balances of Php 160,000 and Php 80,000. They share profits in the ratio of 3:1. The partners agree to admit Ted as a member of the firm. Give the required entries on the partnership books to record the admission of Nick under each of the following assumptions: 1. Nick purchases a 1/4 interest in the firm. One-fourth of each partner's capital is to be transferred to the new partner. He pays the partners Php 60,000 which is divided between them in proportion to the equities given up. 2. Nick purchases a 1/3 interest in the firm. One-third of each partner's capital is to be transferred to the new partner. He pays the partners Php 120,000 which is divided between them in proportion to the equities given up. 3. Nick invests Php 120,000 for a 50% interest in the firm. Sam & Caloy transfer part of their capital to that of Nick as a bonus. 4. Nick invests Php 160,000 in the firm. Php 40,000 is to be considered a bonus to partners Sam & Caloy. 5. Nick invests sufficient cash for a 1/5 interest. Sam & Caloy are partners with capital balances of Php 160,000 and Php 80,000. They share profits in the ratio of 3:1. The partners agree to admit Ted as a member of the firm. Give the required entries on the partnership books to record the admission of Nick under each of the following assumptions: 1. Nick purchases a 1/4 interest in the firm. One-fourth of each partner's capital is to be transferred to the new partner. He pays the partners Php 60,000 which is divided between them in proportion to the equities given up. 2. Nick purchases a 1/3 interest in the firm. One-third of each partner's capital is to be transferred to the new partner. He pays the partners Php 120,000 which is divided between them in proportion to the equities given up. 3. Nick invests Php 120,000 for a 50% interest in the firm. Sam & Caloy transfer part of their capital to that of Nick as a bonus. 4. Nick invests Php 160,000 in the firm. Php 40,000 is to be considered a bonus to partners Sam & Caloy. 5. Nick invests sufficient cash for a 1/5 interest.