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- Accounting entries for the seller's capital & basis accounts in a partnership
Accounting entries for the seller's capital & basis accounts in a partnership
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BillSittig
Level 2
02-16-2022
02:39 PM
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Partner 1 (a partnership) sells his 50% interest to Partner 2 (an individual) for cash, all outside of the main partnership. What entries do I make on the main partnerships books to reflect the sale? What do I do with the sellers (Partner 1) balances in their capital account, which is larger than the sale price? Same question about the basis for the seller, (Partner 1); what do I do with it?
Thanks.
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