Hi Babu,
A simple rental property balance sheet will have the following accounts:
Assets: Cash, tax and insurance escrow, fixed assets and depreciation
Liabilities: Credit cards, security deposits, and loans
Equity: Opening balance equity, owner's contributions/distributions, retained earnings and net income
There could be a number of reasons that your balance sheet does not balance. Here are the sample journal entries for the accounts you mentioned:
1. Owner cash contributions:
DR. Cash (Asset)
CR. Owner's contributions (Equity)
2. Purchase of property with cash:
DR. Building (Asset)
DR. Land (Asset)
DR. Closing Costs (Asset)
CR. Cash (Asset)
3. Credit card purchases
DR. Rehab Expense (Expense, which contributes to NI within Equity)
or DR. Capital Improvements (Asset)
CR. Credit Card (Liability)
Your balance sheet starts off balanced, so each transaction should keep the accounting equation Assets = Liabilities + Equity true. Perhaps one of your transactions was booked incorrectly. Hope this helps!