Question: Your roommate argues that partnership assets should be revalued in

Your roommate argues that partnership assets should be revalued in situations like those in Question 21.
In Question 21, Jaime Keller has a $41,000 capital balance in a partnership. She sells her interest to Sam Parmenter for $45,000 cash. What entry is made by the partnership for this transaction?

Why is this generally not done?



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  • CreatedJanuary 30, 2014
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