Homework Help:

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

Exerciser 4-4.2. A and B are partners in AB Partnership with the following capital balances as of October 31, prior to admission of C: A, Capital (40%) B, Capital (60%) P60,ooo 60,000 C is to be admitted into the partnership by investing additional cash of for a 25% interest. 1. What is the journal entry of the forgoing transactions? 2. How much is the capital of the old partners after the admission of a new partner? Exerciser 4-4.3. Joshua, Jacob, and Paul are partners with cppitab balances of P 32,000, P 80,000, and P 16,000 respectively. The partners, agreed to share in the profit and losses in the ratio of 4:3:2. Jeremiah vis admitted in the partnership. It was agreed that he is to invest cash for interest considering the transfer of capital from him Of P 30,000 upon admission. How much is the capital of Joshua after Jeremiah!S admission?