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Prepare any necessary journal entries on the books

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Question - On June 30, a partnership has total partnership capital as follows:

Partner #1, capital 100,000

Partner #2, capital 200,000

Total partnership capital 300,000

The partners allocate income and losses 40% to partner #1 and 60% to partner #2. On June 30, the partners agree to admit a new partner (partner #3) who pays $50,000 to the partnership for a 12% interest in the partnership. Prepare any necessary journal entries on the books of the partnership on June 30.

Reference no: EM132522328

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