INSTRUCTIONS: ANSWER USING THE FOLLOWING FORMAT:

1. ARIAL 11, JUSTIFIED ALIGNMENT, SINGLE SPACING

2. DO NOT JUST COPY AND PASTE YOUR ANSWERS FROM THE INTERNET. TRY
PARAPHRASING THE STATEMENT TO MAKE IT EASIER TO UNDERSTAND AND
SHORTER TO VERIFY.
3. USE THIS FOR FILE NAME: A4_FIRSTNAME_PARTNERSHIPDISSOLUTION
EXAMPLE: A4_ALRAJIV_PARTNERSHIPDISSOLUTION

1. If a partner sells his or her partnership interest directly to a third party, the partnership may or
may not be dissolved. Under what conditions is the partnership dissolved or not dissolved?
ANSWER:

2. Why is the goodwill procedure best described as a revaluation procedure?

ANSWER:

3. Explain the bonus procedure for recording an investment in a partnership. When is the bonus
applicable to old partners, and when is it applicable to new partners?
ANSWER: