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Amy, Lisa, and Jennifer have partnership capital account balances of $ 97000 each. Profit and losses are shared on a basis of 3:2:1 for Amy,

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Amy, Lisa, and Jennifer have partnership capital account balances of $ 97000 each. Profit and losses are shared on a basis of 3:2:1 for Amy, Lisa, and Jennifer respectively. Jennifer agrees to sell three-fourths of his ownership interest to Amy for $ 58000 and one-fourth to Lisa for $ 18000. Amy and Lisa will use personal assets to purchase Jennifer's interest. The partnership's entry to record Jennifer's withdrawal from the partnership would be Jennifer, Capital 97000 Amy, Capital 72750 Lisa, Capital 24250 Jennifer, Capital 76000 Amy, Capital 58000 Lisa, Capital 18000 Jennifer, Capital 76000 Cash 76000 Amy, Capital 57000 Lisa, Capital 19000 Jennifer, Capital 76000

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