I have partnership 1065 . they have 38000 in assets and 142000 in liablities. and 172648 in building and improvements balance sheet is not balanced how make it balance

Forum|Forum|3 years ago
January 6, 2023
3 replies
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i have partnership 1065 . they have 38000 in assets and 142000 in liablities. and 172648 in building and improvements when i go forms page 4 , balance sheet is not balanced how make it balanced in screen 28 capital account

Lacerte Tax

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strongsilence

Level 10

Where are you career-wise? Are you an aspiring CPA? Have you taken an accounting course dealing with partnerships?

Your question is more complicated than you appear to realize, and I hope you can get educated before you make a serious error.

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dmufeed2

Level 4

ok there is a huge misunderstanding. i know how to make line 14 and line 22 equal i just want to know what are the calculation steps on how to calculate partner capital account which you put on the beginning capital in screen 28