How do I make the figures add up?

[churchado]

I have a strata report for an investment property unit we are looking at and can't make sense of the Balance sheet. (and I'm an accountant!)

There's two areas: Owners' funds and then there is an area under that which says "Represented by:" which lists assets less liabilities to give net assets figure.

The top and the bottom don't match and I can't quite get my head around it.

What am I missing?

 

[DaveM]

Can u scan and post the balance sheet?

 

[churchado]

Can u scan and post the balance sheet?

I don't have a scanner. I put it on a spreadsheet file - attached.

 

[SYD]

My guess is different time periods.

SYD

 

[churchado]

My guess is different time periods.

SYD

So you agree with my thinking that the two should agree?

 

[Propertunity]

It is possibly why many strata reports I read through, often have BCs voting down the proposal to audit their accounts each year.......doh!

 

[moyjos]

Hmmm. Yeah. Am thinking the BC needs auditing. I agree that is NOT a balance sheet when it doesn't balance

 

[churchado]

It is possibly why many strata reports I read through, often have BCs voting down the proposal to audit their accounts each year.......doh!

Yeah, there's minutes from the last AGM where they agree not to audit.