Problem 2 At April 30, partnership capital of EASCY ANG BM 99.s Company are Mr. Easy P 52,000, Mr. Ang, P 48,000 and Mr. BM 99.2 P 18,000. The income sharing ratios are 5:4:1, respectively. On May 1,...

Extracted text: Problem 2 At April 30, partnership capital of EASCY ANG BM 99.s Company are Mr. Easy P 52,000, Mr. Ang, P 48,000 and Mr. BM 99.2 P 18,000. The income sharing ratios are 5:4:1, respectively. On May 1, the EASY ANG BM 99.2 Company is formed by admitting Mr. PAPASA AKO to the firm as a partner. Instructions a. Journalize the admission of Mr. PAPASA AKO under each of the following independent assumptions. 1, Mr. PAPASA AKO purchase 50% of Mr. BM 99.2's ownership interest by paying him P 16,000 in cash. a. Mr. PAPASA AKO purchase 33 1/3% of Mr. Ang's ownership interest by paying him P 15,000 in cash b. Mr. PAPASA AKO invest P 62,000 ofr a 30% ownership interest, and bonuses are given to the old partners. c. Mr.PAPASA AKO invest P 42,000 for a 30% ownership interest, which includes a bonus to the new partner. 2. Mr. Ang's capital balance is P 32,000 after admitting Mr. PAPASA AKO to the partnership by investment. IF Mr. Ang's ownership interest is 20% of total partnership capital, what were (1) Mr. PAPASA AKO cash investment and (2) the bonus to the new partner?