Level 2

JE for the joint venture company contribution

Please, if someone can help me in this:

Z (LLC ) was formed by 3 LLC companies (80%) and 1 Joint venture company (20%).

The LLC companies contributions were property in Z LLC and the joint venture contribution was property and cash in Z LLC.

How will I make the JE for the joint venture company contribution?

Do I make it like that?

Dr. Property

Dr. Cash

Cr. Joint Venture equity

in this case I should give the joint venture K-1?

This topic has been closed for replies.

Level 15

Homework?

Slava Ukraini!

LOKHAuthor

Level 2

No, it isn’t.

it is as work

Level 15

Are you trying to make the entry for Z LLC?

Or for the Joint Venture?

The more I know the more I don’t know.

Level 15

"in this case I should give the joint venture K-1?"

All partners in a partnership get a K-1 for their ownership position in the entity.

"and the joint venture contribution was property and cash"

If that is considered a loan to the partnership, then the JV also gets repaid with interest.

"How will I make the JE for the joint venture company contribution?"

Don't you already have the Deposit of the Cash? You don't include it again in a JE.

And you didn't state which software you are using.

If this is homework, you should not be asking the internet.

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