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Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 2608
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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I have a form 1065 partnership. The schedule L is out of

Customer Question

I have a form 1065 partnership. The schedule L is out of Balance $310, 831, software stating assets don't equal liability and equity. (Ending Sch L shows 842,437). I have verified the amounts in Line 1-22 accounts. I know the variance had to do with booking the journal k1 entries that carry over here to balance this section. However, I have never made this adjusting entry in QB. I am not sure what adjusting entries I should be looking for on the K1 to bring this section into balance. EOY balance on M2 is 642,223. Can you give me an example of what journal entries should be booked from a K1 to bring this into line. I know Line 1 is a credit entry and the ending capital is a credit entry. From there I get lost.
Submitted: 1 year ago.
Category: Finance
Expert:  Mark Taylor replied 1 year ago.

Hi, my name is Mark. I will be happy to help you with your questions.

Expert:  Mark Taylor replied 1 year ago.

Does your book income reconcile to line 1 of Schedule M-1. Does your beginning balance sheet reconcile to the prior year amount on Schedule L? What adjusting entries are you making?