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Schedule L not balancing

Forum|Forum|6 years ago
February 29, 2020
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I have a pass through company that is invested in 3 other LLC's. I received K-1's totaling loss of -225,712 and had a distribution of 2,352. on the Schedule L i have Cash at end of year 2,352, since i did not make any distributions to the partners. the beginning cash balance was 0. I collected 236,000 which is in other investments. So, my total assets are sitting at 238,352. the partners' capital account is at 10,288. I dont know what i inputted wrong where, but it says the balance sheet iss out of balance by 228,064. Can anyone point out what i am doing wrong?

TurboTax Business Windows

Best answer by Anonymous_

Fine, except you stated you collected 236,000 making the total assets 238,052 so, without distributions, something on the liabilities/capital side needs to increase, most likely the capital account as no distributions were made.

A

Anonymous_

Employee

@spiderfool3 wrote:

...it says the balance sheet iss out of balance by 228,064. Can anyone point out what i am doing wrong?

It almost looks like your capital account needs to be increased by the amount your balance sheet is out of balance (i.e., 228,064) - at least something on the liabilities and capital side. Did you make a distribution to your members?

S

spiderfool3Author

I did not. the distributions were made to the partnership from the 3 investments the partnership is a part of, but i did not make any distributions since the amount was small. i made sure all of the capital accounts of the shareholders was correct.

A

Anonymous_Answer

Employee

Fine, except you stated you collected 236,000 making the total assets 238,052 so, without distributions, something on the liabilities/capital side needs to increase, most likely the capital account as no distributions were made.