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Determine the capital balances of Man

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Question - The capital accounts of Man and Mon Partnership on Sept. 30, 2016 were:

Man Capital (75% profit percentage) P140,000

Mon, Capital(25% profit percentage) 56,000

On October 1, Gal was admitted to a 35% interest in the partnership when he purchased 35% of each existing partner's capital for P100,000, paid directly to Man and Monte.

Required -

1. Journalize the entry to record the admission of Gal.

2. Determine the capital balances of Man, Mon and Gal after Gal's admission.

Reference no: EM132933142

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