I have partnership 1065 . they have 38000 in assets and 142000 in liablities. and 172648 in building and improvements balance sheet is not balanced how make it balance

[dabdulahad-1800a]

i have partnership 1065 . they have 38000 in assets and 142000 in liablities. and 172648 in building  and improvements when i go forms page 4 , balance sheet is not balanced how make it balanced  in screen 28 capital account

[Strongsilence-CPA]

Where are you career-wise?  Are you an aspiring CPA? Have you taken an accounting course dealing with partnerships?

Your question is more complicated than you appear to realize, and I hope you can get educated before you make a serious error.

[IRonMaN]

If I remember correctly back from my college accounting courses back in 1865, building and improvements are assets.

[Strongsilence-CPA]

The OP must not be a serious tax preparer.  

[IRonMaN]

But I'm never too serious either, so I won't hold that against them 😜

[abctax55]

How do those numbers tie back to the working trial balance?

How much income/loss for the year?

[dmufeed]

ok there is a huge misunderstanding. i know how to make line 14 and line 22 equal i just want to know what are the calculation steps on how to calculate partner capital account which you put on the beginning capital in screen 28 

[abctax55]

I just use the numbers from the prior year tax return.

[dmufeed]

Its a fresh new return how to do it for it 

[Strongsilence-CPA]

I assumed that he/she is doing a first-year return.

[IRonMaN]

If it is a fresh new return wouldn’t beginning equity be zero?

[dmufeed]

So there is 142000 in liability, 38000 in assets and 172648 in depreciation and 5729 in accumulated depreciation. 
total assets = 204919 line 14 on balance sheet sch l

i need to know how to claculate for line 21 the partner capital account 

[IRonMaN]

My question for today is, have you every prepared a 1065 previously?

[abctax55]

Beg Cap + contrib - withdrawal +/- current year activity.

[dmufeed]

Beg Cap + contrib - withdrawal +/- current year activity.

thats what I followed and i got 43993 which is right

but in this case for my own knowledge is is beg cap is the assets ??

[Strongsilence-CPA]

"If it is a fresh new return wouldn’t beginning equity be zero?"

of course, you are right. But for some reason I had an intuition that he was doing a 1st year return.

My guess is that he works for a firm, and this is a trainer tax return a partner gave him and he doesn't want to ask his colleagues out of embarrassment.  (That was me 30 years ago.)

[abctax55]

Maybe.... what does the partnership agreement have to say about contributed assets?