Problem #15 Determining a New Partner's Investment Cost The following condensed statement of financial position is presented for the partnership of Morales, Gamino, and Quito, who share profits and...

Extracted text: Problem #15 Determining a New Partner's Investment Cost The following condensed statement of financial position is presented for the partnership of Morales, Gamino, and Quito, who share profits and losses in the ratio of 4:3:3 respectively. Accounts Payable Morales, Capital Gamino, Capital Quito, Capital Total Liabilities and Capital P150,000 260,000 180,000 160,000 P750,000 Cash Other Assets P 40,000 710,000 Total Assets P750,000 Assume that the partnership decided to admit Abello as a new partner with a one- fourth interest. Required: For each of the following independent cases, determine the amount that Abello must contribute in cash or other assets: 1. No goodwill or bonus will be recorded. 2. A bonus of P24,000 is to be paid by Abello and allocated to the prior partners. 3. The partners agreed that total resulting capital should be P820,000 and no goodwill should be recognized. 4. Other assets are written down by P20,000 and a bonus of P40,000 is paid to Abello at the time of admission.