How journal dissolving a Sub-chapter S?

[Mike or Penny Novack]

CodeSlinger wrote:

>I'm a new GC user on Win7, and think GC is great, as I disliked QuickBooks
>for various reasons. I am also currently organized as a Subchapter-S that is
>idle since I am working full time for another company that I am part owner
>in. I am considering dissolving (and later just being a SP or maybe an LLC).
>I took no pay or dividends in 2012 or 2013, and just pay but no dividends in
>2011 and all payroll for 2011 were paid. So after paying corporate taxes for
>2012 this week, assets will consist of retained earnings (checking) and
>fixed assets of some furniture/equipment (expensed for 2011), and the car
>and negative accumulated depreciation related to the car.
>
>If I dissolve the corporation, and want to close the books, what should
>happen to the assets from an accounting standpoint? ....
>

We are NOT "competent" to give accounting advice of this sort. If you 
tell me that you would know how to properly close down an S corporation 
were you doing the accounting the old fashioned way pen and ink on paper 
we could tell you how to do it using gnucash. That's HOW to do but not 
WHAT to do. This is serious, there could be all sorts of legal and tax 
consequences if you did it wrong.

Get competent advice (an accountant familiar with S corporations).

Michael D Novack