partnership dissolution answer problems 11 and 13

11. A, B and C are partners in ABC Partnership with capital of P100,000; P150,000 and P75,000 respectively. Partner D is to be admitted to the partnership by purchasing 1/2 interest of Partner A. The assets should be revalued prior to the admission of Partner D. What is the entry to record the admission under different assumptions? a. Partner D paid P50,000 to partner A. b. Partner D paid P75,000 to partner A. c. Partner D paid P30,000 to partner A. Mo answer year 12. A and B are partners with capital balances of P200,000 and P100,000 respectively. They share profits and losses equally, C is to be admitted to the partnership. What are the entries to record the admission under different assumptions? a. C invested P100,000 for 4 interest in the agreed capital of P400,000. b. C invested P100,000 for 1/5 interest in the agreed capital of P400,000. c. C invested P60,000 for 14 interest in the agreed capital of P360,000. d. C invested P100,000 for 1/5 interest in the agreed capital of P500,000. e. C invested P60,000 for 1/5 interest in the agreed capital of P300,000. 13. A and B are partners with capital balances of P200,000 and P100,000 respectively. They share profits and losses equally. C is to be admitted to the partnership by contributing an Equipment with a cost of P150,000 and accumulated depreciation of P100,000 for a 1/3 interest in the partnership. At the date of admission, the equipment has a fair market value of P75,000. What are the entries to record the admission? answer yox