Question: Please give the correct journal entry in a detailed explanation. If you are sure then do otherwise skip. Question: Rahul and Nikhil continue to operate

Please give the correct journal entry in a detailed explanation. If you are sure then do otherwise skip.

Question: Rahul and Nikhil continue to operate their partnership business for several years. Rahul's beginning of year capital balance is $100,000. On July 1, Rahul sells one-fourth of his partnership interest to Virat for $40,000 (with the consent of existing partner Nikhil). Record the journal entry for the admission of Virat into the partnership

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