Owner's equity on a balance sheet, total assets must always equal total liabilities.
The balance sheet of the company shows the assets and liabilities where it is tend to be balanced when assets are equal to the total liabilities that is it is tallied and hence the name is balance sheet.
It is always manadatory to go through the books of accounts to keep it balanced which in turn helps to know the financial position of the firm. The total assets of the firm are long term assets and short term assets and the total liabilities include short term and long term liabilties of a firm.
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