Required: Record the admission of Sonny (and asset revaluation, if any) for each of the followingindependent situation:1. Sonny invests P279,000 for half of Patrick's capital. The money goes to Patrick.Cash240,000Sonny, Capital240,0002. Sonny directly purchases a one-fourth (1/4) interest from Rachel and Patrick by paying Rachel,P192,000, and Patrick, P216,000. The equipment account is undervalued before Sonny's admission.3. Sonny invests the amount needed to give him one-third (1/3) interest in the capital of the partnership.No goodwill or bonus is recorded.4. Sonny invests P312,000 for a one-fourth (1/4) interest. Rachel and Patrick agree that some of theinventory is obsolete before Sonny's admission.5. Sonny invests P360,000 one a one-fifth (1/5) interest. Profits and loss are to be shared by Rachel,Patrick, and Sonny 45:30:25. Goodwill is not recorded.6. Sonny invests P600,000 for a one-third (1/3) interest. Profits and losses are to be shared by Rachel,Patrick, and Sonny equally. Capital of the partnership after Sonny's admission is to be P1,800,000.

NOTE : As per BARTLEBY guidelines, when multiple independent questions are given, then first…

Required: Record the admission of Sonny (and asset revaluation, if any) for each of the following independent situation: 1. Sonny invests P279,000 for half of Patrick's capital. The money goes to Patrick.

Required: Record the admission of Sonny (and asset revaluation, if any) for each of the following independent situation: 1. Sonny invests P279,000 for half of Patrick's capital. The money goes to Patrick.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Required: Record the admission of Sonny (and asset revaluation, if any) for each of the following
independent situation:
1. Sonny invests P279,000 for half of Patrick's capital. The money goes to Patrick.
Cash
240,000
Sonny, Capital
240,000
2. Sonny directly purchases a one-fourth (1/4) interest from Rachel and Patrick by paying Rachel,
P192,000, and Patrick, P216,000. The equipment account is undervalued before Sonny's admission.
3. Sonny invests the amount needed to give him one-third (1/3) interest in the capital of the partnership.
No goodwill or bonus is recorded.
4. Sonny invests P312,000 for a one-fourth (1/4) interest. Rachel and Patrick agree that some of the
inventory is obsolete before Sonny's admission.
5. Sonny invests P360,000 one a one-fifth (1/5) interest. Profits and loss are to be shared by Rachel,
Patrick, and Sonny 45:30:25. Goodwill is not recorded.
6. Sonny invests P600,000 for a one-third (1/3) interest. Profits and losses are to be shared by Rachel,
Patrick, and Sonny equally. Capital of the partnership after Sonny's admission is to be P1,800,000.

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