Is there a way to transfer purchased songs from one iTunes account to a new iTunes account?

This is a bit difficult to explain so bear with me! My two little sisters, years ago, started buying music off the iTunes store. It was my account so now i have all their purchased songs and apps on my account. At the time they were too little to have thier own email so I just let them do it on mine, I didn't see any problem with it. However, now that I am on iCloud and they all have iphones, I am stuck with all their contacts, music, games, etc. I do not want their music so I am wondering if there is a way to transfer their purchased items onto a new iTunes account that I will set up for them (they are in high school now and have their own emails, etc.) I have searched online and haven't found a solution to this. Please help! I understand that only one account can have rights to a song, but I would like to transfer their purchased songs to a new account.