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How much capital will be credited or debited

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Q1. P1, P2, and P3 are partners in XYZ Inc. Their capital balances on Dec 31, Year 5, are $337,551 for P1, $468,881 for P2, and $248,473 for P3. Among these partners on this date, the income sharing ratios are 45.73% for P1, 32.62% for P2, and the remainder for P3. On Jan 1, Year 6, a new partner P4 invests $198,467 in XYZ Inc for a one-fifth (20%) interest in capital. In the journal entry to admit the new partner P4, how much capital will be credited or debited to P3 on Jan 1 using the ASSET REVALUATION method?

Q2. P1, P2, and P3 are partners in XYZ Inc. Their capital balances on Dec 31, Year 5, are $165,183 for P1, $229,425 for P2, and $121,591 for P3. Among these partners on this date, the income sharing ratios are 32.29% for P1, 46.06% for P2, and the remainder for P3. On Jan 1, Year 6, a new partner P4 invests $97,121 in XYZ Inc for a one-eighth (12.5%) interest in capital. In the journal entry to admit the new partner P4, how much capital will be credited or debited to P2 on Jan 1 using the ASSET REVALUATION method?

Q3. P1, P2, and P3 are partners in XYZ Inc. Their capital balances on Dec 31, Year 5, are $386,799 for P1, $537,297 for P2, and $284,725 for P3. Among these partners on this date, the income sharing ratios are 49.57% for P1, 28.78% for P2, and the remainder for P3. On Jan 1, Year 6, a new partner P4 invests $227,423 in XYZ Inc for a one-fifth (20%) interest in capital. In the journal entry to admit the new partner P4, how much capital will be credited or debited to P4 on Jan 1 using the BONUS method?

Reference no: EM133140291

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