Question
Jean, Alex, and Lolu are in a partnership together and each have capital balances of $250,000. A new partner, John, pays Doby $200,000 directly for
Jean, Alex, and Lolu are in a partnership together and each have capital balances of $250,000. A new partner, John, pays Doby $200,000 directly for 100% of his interest in the new partnership, replacing him in the partnership. The journal entry on the books of the partnership to account for this transaction would be:
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Economics
Authors: Campbell McConnell, Stanley Brue, Sean Flynn
21st Edition
1259723224, 9781259723223
