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I need some information and some understanding of partner current/capital accounts. The attached is an example of a statement of account from an accounting firm. I need to know:
The value at July 2nd, 2011 - - I think I know the answer to this one.
Is there value or is it all "borrowed" - "loan"?
What is the balance?
Is this a "current" or "capital" account? - what's the difference...does the infomation in the attachment give current and capital balance?
The reason I ask the experts (you)?......OK...here's the truth.....I'm going through a divorce and I've been told that there is no cash value in this account. I don't have any idea how to read it to know if he's telling me the truth. Oh....don't worry...I will not hold you responsible for any information or advice you might be able to give. Before I go hire an accountant that will testify, I just need to know if there is anything here?
Thanks.....Susan
The value at July 2nd, 2011 - - I think I know the answer to this one.
Is there value or is it all "borrowed" - "loan"?
What is the balance?
Is this a "current" or "capital" account? - what's the difference...does the infomation in the attachment give current and capital balance?
The reason I ask the experts (you)?......OK...here's the truth.....I'm going through a divorce and I've been told that there is no cash value in this account. I don't have any idea how to read it to know if he's telling me the truth. Oh....don't worry...I will not hold you responsible for any information or advice you might be able to give. Before I go hire an accountant that will testify, I just need to know if there is anything here?
Thanks.....Susan
