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General Accounting Discussions: "Closing the books" for a Sole Proprietor who Opens a Partnership

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    • CommentAuthordmgates
    • CommentTimeNov 5th 2007
     
    Hello everyone:
    I wanted to get some guidance on something that I am wondering about as it relates to the books for a sole proprietor...it is my understanding that when a sole proprietor transfers assets into a newly formed partnership, the new partnership accounts for the assets at fair value.
    Well how does the sole proprietor "close" the books of his business and "remove" same assets?

    Thanks to anyone who is able to help with this.

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