Homework Help:

Hello, need help answering the attached exercises related to partnership. Please provide solutions and detailed explanations.

Exercise IV - 4 Short Problems. Exerciser 4-4.1 Suppose Rody is to be admitted in the LP partnership by purchasing one-half interest of Antonio for p15,000 and one-fourth interest of Gary and Leni for P6,000 and P9,000, respectively. Prior to admission, the following is the statement of financial position of LP Partnership: LP Partnership Statement of Financial Position September 30, 2019 Assets Cash Other Assets Total Assets Liabilities and Partners Equity Liabilities Antonio, Capital (30%) Gary, Capital (20%) Leni, Capital (50%) P115,ooo 125,000 P140,ooo P140,ooo 30,000 20,000 50,000 Total Liabilities and Partners Equity P140,000 10 What is the journal entry of the forgoing transactions? 20 How much is the capital of the old partners after the admission of a new partner?