Form 480.10 - Partnership Income Tax Return - 2011 Page 3
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4Partnership - Page 3
Form 480.10 Rev. 02.11
Partnership - Comparative Balance Sheet
37
Beginning of the Year
Ending of the Year
Assets
Total
Total
00
00
1.
Cash on hand and in banks .......................
(1)
(1)
00
00
2.
Accounts receivable ................................
(2)
(2)
(
)
(
)
00
00
00
00
3.
Less: Reserve for bad debts .....................
(3)
(3)
00
00
4.
Notes receivable ........................................
(4)
(4)
00
00
5.
Inventories ...............................................
(5)
(5)
00
00
6.
Investments ..............................................
(6)
(6)
00
00
7.
Depreciable assets ....................................
(7)
(7)
(
)
(
)
00
00
00
00
8.
Less: Reserve for depreciation ..................
(8)
(8)
00
00
9.
Land ........................................................
(9)
(9)
00
00
10.
Other assets .............................................
(10)
(10)
00
00
11.
Total Assets .........................................
(11)
(11)
Liabilities and Net Worth
Liabilities
00
00
12.
Accounts payable ....................................
(12)
(12)
00
00
13.
Notes payable ........................................
(13)
(13)
00
00
14.
Accrued expenses ..................................
(14)
(14)
00
00
15.
Other liabilities ........................................
(15)
(15)
00
00
16.
Total Liabilities ....................................
(16)
(16)
Net Worth
00
00
17.
Partner's interest ......................................
(17)
(17)
00
00
18.
Undistributed profits .................................
(18)
(18)
00
00
19.
Total Net Worth .....................................
(19)
(19)
00
00
20.
Total Liabilities and Net Worth ................
(20)
(20)
Reconciliation of Net Income (or Loss) per Books with Net Taxable Income (or Loss) per Return
38
00
1.
Net income (or loss) per books ....................
7.
Income recorded on books this year not included
(1)
00
2.
Income tax ................................................
on this return (Itemize, use schedule if
(2)
3.
Excess of capital losses over capital
necessary)
00
gains .......................................................
(a) Exempt interest ___________________________
(3)
4.
Taxable income not recorded on books this year
(b) __________________________________________
(Itemize, use schedule if necessary)
(c) __________________________________________
(a) ____________________________________
(d) __________________________________________
00
(b) ____________________________________
Total ...................................................................
(7)
(c) ____________________________________
8.
Deductions on this tax return not charged against
(d) ____________________________________
book income this year (Itemize, use schedule if necessary)
00
Total .........................................................
(a) Depreciation _______________________________
(4)
5.
Expenses recorded on books this year not claimed
(b) __________________________________________
on this return (Itemize, use schedule if necessary)
(c) __________________________________________
(a) Meal and entertainment (amount
(d) __________________________________________
00
not claimed) ________________________
Total ...................................................................
(8)
00
(b) Depreciation _________________________
9.
Total (Add lines 7 and 8) ......................................
(9)
(c) ____________________________________
10.
Net taxable income (or loss) per return (Subtract line
00
(d) ____________________________________
9 from line 6) ........................................................
(10)
00
Total ........................................................
(5)
00
6.
Total (Add lines 1 through 5) ......................
(6)
Reconciliation of Distributable Profit Among Partners
39
1.
Net taxable income ............................................................................................................................
(1)
00
2.
Less: Non deductible expenses ...........................................................................................................
00
(2)
00
3.
Plus: Non taxable income ...........................................................................................................................................................
(3)
00
4.
Net profit per books .....................................................................................................................................................................
(4)
00
5.
Less: Income tax .......................................................................................................................................................................
(5)
00
6.
Distributable profit among partners .........................................................................................................................................
(6)
00
Retention Period: Ten (10) years
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