balance sheet help

Australia Discussion in 'Exams and Studying' started by debkem, Oct 3, 2016.

  1. debkem

    debkem

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    hi all,i am new here so please be patient with me.
    i am stuck on my balance sheet as it wont balance.can someone confirm with me if i am right in putting the 2 partners account balances as equity or should it go at assets.?
     
    debkem, Oct 3, 2016
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  2. debkem

    Stephen Gsell VIP Member

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    The 2 partner's (normal) account balances should be shown on the balance sheet as credits. Any guaranteed payments (or other distributions) or usually shown on a separate balance sheet account as a debit. Hope this helps.
     
    Stephen Gsell, Oct 6, 2016
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