Record admission of rachel to the partnership

Reference no: EM133650455

Question

Hannah and Emma are partners who share income in the ratio of 3:2 and have capital balances of $75,000 and $90,000, respectively. With the consent of Hannah, Rachel buys one-third of Emma's interest for $40,000. For what amount will Emma's capital account be debited to record admission of Rachel to the partnership?

Reference no: EM133650455

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