[km13]

What would a cash loan from a partner in a partnership look like? This is what I have:

Dr – Cash $XX

Cr – Loan payable $XX

Cr – Partners equity $XX

WHAT’S MY OTHER DEBIT??

BEC: 4/15/13 - 79
AUD: 7/15/13 - 75
REG: 8/28/13 - 77
FAR: 11/26/13 - 75

[littlenumberrobot]

For books I don't think you touch the partner's account. You keep track of that separately and/or on the return.

CA CPA - All because of the journey listed below
-----------------------------------------------------------------------
FAR - 53('10), 8/25/12 79 PASSED!
REG - 66('11), 69('12), 12/06/12 77 PASSED!!
BEC - 58('10), 74('12), 01/05/13 77 PASSED!!!
AUD - 43('11), 66('12), 69('13), 74('13) 7/29/13 85 PASSED!!!!!

(Combinations of Roger, Yaeger, Wiley Book, Wiley TB, & NINJA Notes)

Ethics 90%

[littlenumberrobot]

For books I don't think you touch the partner's account. You keep track of that separately and/or on the return.

CA CPA - All because of the journey listed below
-----------------------------------------------------------------------
FAR - 53('10), 8/25/12 79 PASSED!
REG - 66('11), 69('12), 12/06/12 77 PASSED!!
BEC - 58('10), 74('12), 01/05/13 77 PASSED!!!
AUD - 43('11), 66('12), 69('13), 74('13) 7/29/13 85 PASSED!!!!!

(Combinations of Roger, Yaeger, Wiley Book, Wiley TB, & NINJA Notes)

Ethics 90%

[NYCaccountant]

Why would the loan increase the partners equity? They are not contributing capital and they are just lending money.

The only time the loan increases their capital is when your calculating the safe payment schedule for all partners, and in

that case the loan will be eliminated from the books and added to the partners capital. Am I missing something though?

FAR - 93
REG - 87
BEC - 84!!!!
AUD - 99!!!!!! CPA exam complete.

[NYCaccountant]

Why would the loan increase the partners equity? They are not contributing capital and they are just lending money.

The only time the loan increases their capital is when your calculating the safe payment schedule for all partners, and in

that case the loan will be eliminated from the books and added to the partners capital. Am I missing something though?

FAR - 93
REG - 87
BEC - 84!!!!
AUD - 99!!!!!! CPA exam complete.

[Texas CPA]

When all else fails, plug to suspense. 🙂

Reg - Passed 82 Nov 2012 - Becker
Aud - Passed 86 May 2013 - Becker
BEC - Passed 88 Aug 2013 - Becker
FAR - Passed 88 Nov 2013 - Becker

https://www.becker.com/cpa-review

Texas CPA

[Texas CPA]

When all else fails, plug to suspense. 🙂

Reg - Passed 82 Nov 2012 - Becker
Aud - Passed 86 May 2013 - Becker
BEC - Passed 88 Aug 2013 - Becker
FAR - Passed 88 Nov 2013 - Becker

https://www.becker.com/cpa-review

Texas CPA

[Author]

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