I am having what I think should be a simple problem to solve. I have a Limited Liability Partnership and I am working on the 1065 form. Because the entity was formed in PA I have to complete a balance Sheet. The issue I am having:
When I try balance my Schedule L it is coming up as out of balance. What is strange is it’s out of balance by the exact amount of last years large asset purchase which was 100% depreciated thanks to the jobs act.
So my assumption from this is that when you depreciate an asset it comes off of the Partner Capital account. Is this correct, or should it be handled in some other way?
Thanks for your help!!!