What is the best way to show on Balance sheet


J

James Dean

Hello everyone, We are 3 partners and issued 1000 shares and each of us own
1/3 of the company. Each share is worth $5.00. I want to setup books in
QuickBooks how should I show on the balance sheet. We have received $5000 in
cash. Should I create Common Stock Account as an Equity and Sub account of
each partner. Such as

Partner1 xxxx
Partner2 xxxx
Partner 2 xxxx

Cash xxxxxxxxx

Thanks for any advice.

JD
 
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P

Peter Saxton

Hello everyone, We are 3 partners and issued 1000 shares and each of us own
1/3 of the company. Each share is worth $5.00. I want to setup books in
QuickBooks how should I show on the balance sheet. We have received $5000 in
cash. Should I create Common Stock Account as an Equity and Sub account of
each partner. Such as

Partner1 xxxx
Partner2 xxxx
Partner 2 xxxx

Cash xxxxxxxxx

Thanks for any advice.

JD
I'd get yourself an accountant!

Are you a partnership or a company?

You appear to have the debits and credits the wrong way round.

I suppose it's a typo but I'd be a bit more careful when you make
entries in QuickBooks. Have a look at how many partner 2's you have
and how many partner 3's
 
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J

Joe

Sorry, yes it is typo, Cash is debit and equity portion will be credit. My
only concern is the appearance on the Balance sheet. Thanks

Hello everyone, We are 3 partners and issued 1000 shares and each of us own
1/3 of the company. Each share is worth $5.00. I want to setup books in
QuickBooks how should I show on the balance sheet. We have received $5000 in
cash. Should I create Common Stock Account as an Equity and Sub account of
each partner. Such as

Partner1 xxxx
Partner2 xxxx
Partner 2 xxxx

Cash xxxxxxxxx

Thanks for any advice.

JD
I'd get yourself an accountant!

Are you a partnership or a company?

You appear to have the debits and credits the wrong way round.

I suppose it's a typo but I'd be a bit more careful when you make
entries in QuickBooks. Have a look at how many partner 2's you have
and how many partner 3's
 

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