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Assume the following information just prior to the withdrawal of Partner X: Assets Cash Inventory $20,000 50,000 Liabilities Accounts payable $ 5,000 X, Capital Y,
Assume the following information just prior to the withdrawal of Partner X: Assets Cash Inventory $20,000 50,000 Liabilities Accounts payable $ 5,000 X, Capital Y, Capital Z, Capital Partners' Capital $10,000 20,000 35,000 $70,000 65,000 $70,000 Required: Prepare journal entries to record the following unrelated scenarios: 1. Partner X sells his interest to new partner I for $25,000. 2. Partner X sells his interest to partner Y for $30,000. 3. Partner X sells his interest and is paid a share of partnership net assets as follows Cash Inventory Accounts payable $ 5,000 5,000 (2,000) $8,000 Partner Y receives a 60% share of the partnership interest of X. Partner Z receives 40%
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