I have an LLC with two members which is used exclusively for Investment in publicly traded Stocks, ETF's, Mutual Funds, Bonds, Commodities, etc. (no real estate, art, vehicles, etc). Pretty straight-stick stuff.
My Assets consist of Cash and/or Equities... pretty simple
My Liabilities are None.
Line 14 differs from Line 22 by over $24,000. WHY?
It also shows Line 21 (Capital Accounts) is the same as line 22 (Total Capital and Liabilities)
Given that there are non-deductible expenses on the P&L which would affect the reported Gain or Loss flowing to Partner Capital Accounts, shouldn't there be a difference between Member Capital Accounts and Total Capital of the Company?
Reconciling your capital accounts and determining why your balance sheet doesn't balance is really beyond what can be done in Community with such limited information. It is obviously something to do with your capital accounts. I would look at how you reported distributions in your books, and how you reported them on your tax return (Schedule K, line 19.
if line 24 is greater than 14 most likely this is due to improper entering of distributions to partners. if its the other way around then most likely capital contributions weren't entered properly. but it s also possible that cash and or the equities balance is misstated.