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Question

Depreciation an Partnership Account

Forum|Forum|1 year ago
December 27, 2024
1 reply
0 views

I must be missing something simple when rolling forward the partner accounts from beginning to end of year. Because of depreciation I generate more positive cash flow than income. If I take out the cash I will eventually get to a negative capital account. How do I account for this so that the cash flow in excess of in excess of income is on the balance sheet?

Thanks

TurboTax Business Windows

cash taken out does not show on the balance sheet. We don't know what your balance sheet or shows but it would seem that in your situation to be able to take out more cash than income would means there must be balancing account such as a mortgage. if your capital account goes negative so be it.