diff --git a/src/api/common/schemas/get-balance-sheet.json b/src/api/common/schemas/get-balance-sheet.json
index 5e3a9a21..f8b3e934 100644
--- a/src/api/common/schemas/get-balance-sheet.json
+++ b/src/api/common/schemas/get-balance-sheet.json
@@ -8,22 +8,12 @@
       "type": "array",
       "items": {
         "type": "object",
-        "required": ["counterparty", "balances"],
+        "required": ["counterparty", "currency", "value"],
         "additionalProperties": false,
         "properties": {
           "counterparty": {"$ref": "address"},
-          "balances": {
-            "type": "array",
-            "items": {
-              "type": "object",
-              "required": ["currency", "value"],
-              "additionalProperties": false,
-              "properties": {
-                "currency": {"$ref": "currency"},
-                "value": {"$ref": "value"}
-              }
-            }
-          }
+          "currency": {"$ref": "currency"},
+          "value": {"$ref": "value"}
         }
       }
     },
@@ -31,22 +21,12 @@
       "type": "array",
       "items": {
         "type": "object",
-        "required": ["counterparty", "assets"],
+        "required": ["counterparty", "currency", "value"],
         "additionalProperties": false,
         "properties": {
           "counterparty": {"$ref": "address"},
-          "assets": {
-            "type": "array",
-            "items": {
-              "type": "object",
-              "required": ["currency", "value"],
-              "additionalProperties": false,
-              "properties": {
-                "currency": {"$ref": "currency"},
-                "value": {"$ref": "value"}
-              }
-            }
-          }
+          "currency": {"$ref": "currency"},
+          "value": {"$ref": "value"}
         }
       }
     },
diff --git a/src/api/ledger/balance-sheet.js b/src/api/ledger/balance-sheet.js
index 54d75176..608ae508 100644
--- a/src/api/ledger/balance-sheet.js
+++ b/src/api/ledger/balance-sheet.js
@@ -10,12 +10,20 @@ function formatBalanceSheet(balanceSheet) {
   const result = {};
 
   if (!_.isUndefined(balanceSheet.balances)) {
-    result.balances = _.map(balanceSheet.balances, (balances, counterparty) =>
-                            ({counterparty, balances}));
+    result.balances = [];
+    _.forEach(balanceSheet.balances, (balances, counterparty) => {
+      _.forEach(balances, (balance) => {
+        result.balances.push(Object.assign({counterparty}, balance));
+      });
+    });
   }
   if (!_.isUndefined(balanceSheet.assets)) {
-    result.assets = _.map(balanceSheet.assets, (assets, counterparty) =>
-                          ({counterparty, assets}));
+    result.assets = [];
+    _.forEach(balanceSheet.assets, (assets, counterparty) => {
+      _.forEach(assets, (balance) => {
+        result.assets.push(Object.assign({counterparty}, balance));
+      });
+    });
   }
   if (!_.isUndefined(balanceSheet.obligations)) {
     result.obligations = _.map(balanceSheet.obligations, (value, currency) =>
diff --git a/test/fixtures/api/responses/get-balance-sheet.json b/test/fixtures/api/responses/get-balance-sheet.json
index d5d8473c..650f07c3 100644
--- a/test/fixtures/api/responses/get-balance-sheet.json
+++ b/test/fixtures/api/responses/get-balance-sheet.json
@@ -1,51 +1,37 @@
 {
   "balances": [
     {
-      "counterparty": "rKm4uWpg9tfwbVSeATv4KxDe6mpE9yPkgJ",
-      "balances": [
-        {
-          "currency": "EUR",
-          "value": "29826.1965999999"
-        },
-        {
-          "currency": "USD",
-          "value": "10.0"
-        }
-      ]
-    },
-    {
-      "counterparty": "ra7JkEzrgeKHdzKgo4EUUVBnxggY4z37kt",
-      "balances": [
-        {
-          "currency": "USD",
-          "value": "13857.70416"
-        }
-      ]
-    }
+    "counterparty": "rKm4uWpg9tfwbVSeATv4KxDe6mpE9yPkgJ",
+    "currency": "EUR",
+    "value": "29826.1965999999"
+  },
+  {
+    "counterparty": "rKm4uWpg9tfwbVSeATv4KxDe6mpE9yPkgJ",
+    "currency": "USD",
+    "value": "10.0"
+  },
+  {
+    "counterparty": "ra7JkEzrgeKHdzKgo4EUUVBnxggY4z37kt",
+    "currency": "USD",
+    "value": "13857.70416"
+  }
   ],
   "assets": [
     {
-      "counterparty": "r9F6wk8HkXrgYWoJ7fsv4VrUBVoqDVtzkH",
-      "assets": [
-        {
-          "currency": "BTC",
-          "value": "5444166510000000e-26"
-        },
-        {
-          "currency": "USD",
-          "value": "100.0"
-        }
-      ]
-    },
-    {
-      "counterparty": "rwmUaXsWtXU4Z843xSYwgt1is97bgY8yj6",
-      "assets": [
-        {
-          "currency": "BTC",
-          "value": "8700000000000000e-30"
-        }
-      ]
-    }
+    "counterparty": "r9F6wk8HkXrgYWoJ7fsv4VrUBVoqDVtzkH",
+    "currency": "BTC",
+    "value": "5444166510000000e-26"
+  },
+  {
+    "counterparty": "r9F6wk8HkXrgYWoJ7fsv4VrUBVoqDVtzkH",
+    "currency": "USD",
+    "value": "100.0"
+  },
+  {
+    "counterparty": "rwmUaXsWtXU4Z843xSYwgt1is97bgY8yj6",
+    "currency": "BTC",
+    "value": "8700000000000000e-30"
+  }
   ],
   "obligations": [
     {