Thank you for the response. I think I've made some of the corrections I've needed to make. I've gotten the balance sheet balanced now, but I still have a couple questions to make sure I've done it correctly.
Our situation is pretty simple. The company earned money and most of that has been paid to the partners. But we still have a little cash left in the business bank accounts. The beginning and end of the year bank account balances are reflected in the Cash (line 1) of schedule L.
The complication comes in because we bought a small amount of equipment that is treated as depreciable assets. So the remaining depreciable amount is shown on line 9b in columns b and d. This gets added to the cash amount to give the result for Total assets in line 14.
To get the balance sheet to balance, I needed to copy the total assets amount from line 14, column b to line 21, column b. Is this correct? Should the partners' capital account total be the cash in the bank plus remaining depreciation? We don't have any other assets. Any other income has already been paid to the partners.
Hopefully I explained this a little better this time. Thanks for the help.
