Client sold their liquor license and i cant make the balance sheet balance because they have never had to do one before. help

[IRonMaN · Accepted solution]

Sounds like you have three accounts potentially involved - cash, an asset for the license (?), and a gain on the sale.  Which part of the puzzle are you missing?

[sdegraaf]

I guess an asset for the License.  This is the first time I have come across something like this so I'm a little confused. I have cash and a gain on the sale.

[abctax55]

I'll be as polite as I can...but you don't seem to understand the basic accounting formula that is the basis for the Balance Sheet.  Assets - Liabilities = Equity.

I suggest you either get professional help (if you're doing your own return), or find a mentor if you are trying to help a client.  Or pass this client off to someone with more experience in entity returns/balance sheets.