Total Liabilities & Equity entry in default Balance Sheet report

[Adrien Monteleone]

Uttam,

The report is likely correct.

Assets = Liabilities + Equity

You are telling us that:

37k = 121k

That’s impossible.

What you really have is this:

Assets (37k) = Liabilities (79k) + Equity (-42k)

or

37k = 37k

Which is a true statement and means your books are in balance.

Regards,

Adrien


> On May 9, 2017, at 6:26 PM, Uttam Chakravorty <uttam at uc4linux.co.uk> wrote:
> 
> Dear All I would appreciate some advice regarding the entry "Total Liabilities & Equity" at the bottom of the default Balance Sheet report.
> 
> The situation I am dealing with is:
> The business assets total 37k.It is in negative equity with losses brought forward of 42k.It's short and long term liabilities total another 79k.Therefore 'Total Liabilities & Equity' should surely be 121k, whereas the Balance Sheet reports 37k.
> 
> I hope I have not missed something obvious and am wasting your time, therefore I offer in advance my thanks and apologies in equal part.  I am merely curious.
> 
> Uttam
> 
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