PROBLEM 1 Melvin Tan Jr. and Edgar Esparaguera are partners who have capital balances and profit and loss ratio to be shared as follows: Capital Balances P350,000 P400,000 P/L Ratio 3/5 M. Tan Jr....

PROBLEM 1 Melvin Tan Jr. and Edgar Esparaguera are partners who have capital balances and profit and loss ratio to be shared as follows: Capital Balances P350,000 P400,000 P/L Ratio 3/5 M. Tan Jr. 2/15 E. Esparaguera Mr. Wilfredo Carreon was admitted in the partnership by buying 2 of the interest of Esparaguera for P300,000. Required: Prepare a journal entry to record the admission of Mr. Carreon in the partnership.