A partnership had the following condensed balance sheet:

Assets Liabilities and Capital

Cash 5,000 Liabilities 15,000
Non-Cash Assets 65,000 Aron, Capital (50%) 30,000
Charlie, Loan 5,000 Ben, Capital (30%) 10000
Charlie, Capital (20%) 20000
Total 75,000 Total 75,000

The percentages in parenthesis after the partners’ capital balances represent their respective interest in profits and losses.
The partners agree to admit Dale as a member of the firm under the following independent situations.

Situation 1 Dave purchases a ¼ interest in the firm. One-fourth of each partner’s capital is to be transferred to the new
partner. Dave pays the partners P15,000 which is divided between them in proportion to the equities given up.

Situation 2 Dave purchases a ¼ interest in the firm. One-fourth of each partner’s capital is to be transferred to the new
partner. Dave pays the partners P20,000 which is divided between them in proportion to the equities given up. The assets
of the partnership are to be adjusted.

Situation 3 Dave purchases a ¼ interest in the Profit/Loss of the firm. One-fourth of the capital of Aron and Ben is to be
transferred to the new partner. Dave pays Aron and Ben P15,000. The assets of the partnership are to be adjusted.

Situation 4 Dave invests P25,000 for a ¼ interest in the firm.

Situation 5 New Partner Dave conveyed a tangible asset with a fair value of P32,500 with an assumed mortgage of P5,000
in exchange for a 35% interest in capital. Dave would be acquiring a ¼ interest in the profits of the partnership. The total
agreed capital after admission is P90,000

Required:

For each situation:

1. Prepare the journal entries needed to record the admission of Dave.

2. Compute for adjusted balances of all partners after the admission.
3. Compute for new P/L ratio of all partners after the admission.