Total Liabilities & Equity entry in default Balance Sheet report

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Total Liabilities & Equity entry in default Balance Sheet report

Uttam Chakravorty
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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Re: 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 <[hidden email]> 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
>
> _______________________________________________
> gnucash-user mailing list
> [hidden email]
> https://lists.gnucash.org/mailman/listinfo/gnucash-user
> -----
> Please remember to CC this list on all your replies.
> You can do this by using Reply-To-List or Reply-All.

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Re: Total Liabilities & Equity entry in default Balance Sheet report

Uttam Chakravorty
Thank you for your help.  I will wait for the penny to drop.  I do not wish to wait to thank you until that happens!

Best regards, Uttam



 From:   Adrien Monteleone <[hidden email]>
 To:   <[hidden email]>
 Sent:   10/05/2017 1:02 AM
 Subject:   Re: Total Liabilities & Equity entry in default Balance Sheet report

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 <[hidden email]> 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
>  
> _______________________________________________
> gnucash-user mailing list
> [hidden email]
> https://lists.gnucash.org/mailman/listinfo/gnucash-user 
> -----
> Please remember to CC this list on all your replies.
> You can do this by using Reply-To-List or Reply-All.
 
 
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