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The Gant and Morris Partnership have partner capital account balances as follows: Gant, Capital $243,000 Morris, Capital 81,000 The partners share profit and losses
The Gant and Morris Partnership have partner capital account balances as follows: Gant, Capital $243,000 Morris, Capital 81,000 The partners share profit and losses in the ratio of 6:4. Prepare the journal entry on the books of the partnership to record the admission of Lars as a new partner if Lars pays $132,500 to Gant and $50,500 to Morris for one-half of each of their ownership interest in a personal transaction. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
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