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- Where do I enter the information from a partnership that my S-corp owns in the balance sheet?
Where do I enter the information from a partnership that my S-corp owns in the balance sheet?
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Gia
Level 1
03-11-2020
01:08 PM
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I am working on an S-Corp that owns another pass-through entity (25% of another partnership). I entered the K-1 ordinary income that I received from the other partnership but now my balance sheet is out of balance. How do I make it balance again? Where do I enter the information on the ownership of this partnership on the balance sheet? I tried to put it on Line 9 (investments) but it is still out of balance. I know there is another place to put it but I don't know where.
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1 Comment 1
sjrcpa
Level 15
03-11-2020
01:42 PM
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Original investment in the partnership is an Asset -Investment in Partnership. Items from the partnership increase (income) or decrease (loss, distributions) the Investment in Partnership account.
Ex-AllStar
