Schmidt wishes to leave the partnership and will be paid $120,000. After the revaluation of the partnerships intereste, Tanner, Schimits and hayes the trhree aprtners, have capital account balances of $100,000, $120,000 adn $96,000 respectively. They share profits and losses in a 3:4:3 ratio. 

What journal entry will be used to record this transaction in the general journal?

Answer rating: 100% (QA)

To record Schmidts exit from the partnership and the payment of 120000 we first need to update the p... View the full answer