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Find what are the capital balances of each partner

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Edward and Emmett, partners have capital balances of P200,000 and P300,000, respectively. They admit Bella and Rosalie into the partnership. Bella purchases one fourth of Edward's interest for P36,000 and one-third of Emmett's interest for P72,000. Rosalie is admitted to the partnership with an investment of P210,000 for wich he is to received an ownership equity of P120,000.

Required;

Problem 1. Present the entries in general journal form to record the admission into the partnership of (a) Bella and (b) Rosalie.

Problem 2. What are the capital balances of each partner after the admission of Bella and Rosalie?

Reference no: EM132755872

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