When filing ITR 3 taxpayers need to add Assets & Liabilities in the Balance sheet. In your balance sheet, the total assets should match with the total liabilities.
When reporting the balance sheet it is mandatory to match assets with liabilities. Liabilities will be auto-balanced in the proprietor's capital tab in the liabilities section once you add assets.
Example: If you have entered assets worth 98,000, your liabilities will be auto balanced in the proprietor's capital tab amounting to 98,000. If you have obtained a 5,000 loan for trading purposes and want to add it in the liabilities section, you can perform the action and click on save, then the capital will be auto-balanced to 93,000 making liabilities worth 98,000.
Steps to add/edit assets and liabilities on Quicko:
- Navigate to Incomes > Business & Profession Tab
- Click on Assets/ Liabilities
- Click on Asset / Liability you want to add and save
- You will see the final Balance Sheet under Incomes > Business & Profession > Financials