Form 480.10 - Partnership Income Tax Return Page 3
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4Partnership - Page 3
Form 480.10 Rev. 05.03
Partnership - Comparative Balance Sheet
3 7
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
3 8
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) Tax-exempt interest _________________
(3)
4.
Taxable income not recorded on books
(b) __________________________________
this year (Itemize)
(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
00
Total ......................................................
necessary)
(4)
5.
Expenses recorded on books this year not
(a) Depreciation _______________________
claimed on this return (Itemize, use
(b) __________________________________
schedule if necessary)
(c) __________________________________
(a) Meal and entertainment (amount
(d) __________________________________
00
(8)
not claimed) ____________________
Total ................................................................
00
(b) Depreciation __________________
9.
Total (Add lines 7 and 8) ................................
(9)
(c) _____________________________
10.
Net taxable income (or loss) per return
00
(d) _____________________________
(Subtract line 9 from line 6) .............................
(10)
00
Total ......................................................
(5)
00
6.
Total (Add lines 1 through 5) ...............
(6)
Reconciliation of Distributable Profit Among Partners
3 9
1.
Net taxable income .........................................................................................................................
(1)
00
2.
Less: Non deductible expenses ......................................................................................................
(2)
00
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
Conservation Period: Ten (10) years
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