Question: Problem 3 : On January 1 , 2 0 2 1 , Jay, Jun and John have capital balances of P 1 2 5 .

Problem 3: On January 1,2021, Jay, Jun and John have capital balances of P125.000 P75,000 and P100,000, respectively. The profit and loss ratio is 2:1:2, respectively. Analyze the following independent situations:
1. A new partner, Mica, was admitted on January 1,2021 who will invest cash of P50.000 for a 20% interest in an agreed capitalization of P350,000. The accountant should recognized:
A. BONUS TO NEW PARTNER
B. NO BONUE NOR ASSET REVALUATION
C. ASSET REVALUATION
D. BONUS TO ORIGINAL PARTNERS
What are the entries to record the admission, and what is the revised partner's equity?
2.. Ali joined the firm on January 1,2021 to a 40% interest for an investment of P220,000. Agreed capitalization was P550,000. hat are the entries to record the admission, and what is the revised partner's equity?
3. Jem joined the partnership on January 1,2021 by investing P150,000 for a interest in an agreed capitalization of P500,.000. The accountant should recognized?
A. BONUS TO NEW PARTNER
B. ASEET REVALUATION AND BONUS
C. ASSET REVALUATION
D. BONUS TO ORIGINAL PARTNERS
What are the entries to record the admission, and what is the revised partner's equity?
4.King joined the partnership on January 12021 by investing P120.000 for a 35% interest in an agreed capitalization of P400,000. The accountant recognized?
A. BONUS TO NEW PARTNER
B. ASSET IMPAIRMENT FOR ORIGINAL PARTNER
C. ASSET REVALUATION
D. ASSET IMPAIRMENT FOR ORIGINAL PARTNER AND BONUS TO NEW PARTNER
What are the entries to record the admission, and what is the revised partner's equity?
5. Jay retired by selling his share to Jun for P100,000. How much is the total capital of the partnership after the retirement of Jay? The accountant recognized?
A. ASSET REVALUTION
B. BONUS TO RETIRING PARTNER
C. BOMUS TO CURRENT PARTNER
D. TRANSFER OF INTEREST ONLY
What are the entries to record the sale, and what is the revised partner's equity?
6. Jay retired and the partnership paid him 150,00 after the assets were revalued. What is the total asset revaluation? What is the entry to record Jay's retirement and what is the revised partner's equity?

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