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. Please help prepare the necessary journal entries on the books of the partnership on June 30. Journal entries on the books of the partnership on June 30.