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...

This transaction represents the purchase of an existing partn ...

Your roommate argues that partnership assets should be revalued in situations like those in Question 21. In

Question:

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

Why is this generally not done?

Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...