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20 October, 21:43

If the sum of your assets is 275,000, what should the other side of your balance sheet add up to?

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  1. 20 October, 22:00
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    Answer: The sum of the liabilities would add upto 2,75,000

    Explanation: According to the accounting standards, the assets side of a balance sheet should equal the liabilities side of balance sheet to make a balanace in the balance sheet of a company.

    Assets are known as the resources that the company owns, whereas liabilities are the financial debts or the amount of money which a company owes.

    So, if we sum up all the assets side and deduct the total amount of liabilities what we get is equity or owner's fund (the amount of funds the owner of the business possess)

    Therefore, if assets side of the balance sheet sums upto 2,75,000 then liabilities side of the balance sheet would also add upto 2,75,000
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