Partbership Schedule L

[duanecpa]

Schedule L assets exceed liabilities and partner's capital.
The partnership does not have any liabilities to 3rd parties.

How does one take care of the difference? Additional contributions? Or, loans to the partners?

Thank you.

[Gretel]

I would say that depends on what happened. Did partners make additional contributions and if so, do they want to have them paid back?

[duanecpa]

Partnership Schedule L

Thanks for getting back to me - do not know at this point - I will have to ask.

If they want the money paid back - treat as a loan? The amount is less than $8k at this point.

Thanks again.

[Gretel]

Yes, especially since this is under $10,000 and no need to worry about interest.