diff --git a/hledger-lib/Hledger/Data/Posting.hs b/hledger-lib/Hledger/Data/Posting.hs
index c212fd714..494720c0d 100644
--- a/hledger-lib/Hledger/Data/Posting.hs
+++ b/hledger-lib/Hledger/Data/Posting.hs
@@ -193,6 +193,7 @@ showPostingLines p = first3 $ postingAsLines False False maxacctwidth maxamtwidt
 -- if onelineamounts is true, these amounts are shown on one line,
 -- comma-separated, and the output will not be valid journal syntax.
 -- Otherwise, they are shown as several similar postings, one per commodity.
+-- When the posting has a balance assertion, it is attached to the last of these postings.
 --
 -- The output will appear to be a balanced transaction.
 -- Amounts' display precisions, which may have been limited by commodity
@@ -243,16 +244,11 @@ postingAsLines elideamount onelineamounts acctwidth amtwidth p =
                               , Cell BottomLeft [assertion]
                               , textCell BottomLeft samelinecomment
                               ]
-                    | amt <- shownAmounts]
+                    | (amt,assertion) <- shownAmountsAssertions]
     render = renderRow def{tableBorders=False, borderSpaces=False} . Group NoLine . map Header
     pad amt = WideBuilder (TB.fromText $ T.replicate w " ") w <> amt
       where w = max 12 amtwidth - wbWidth amt  -- min. 12 for backwards compatibility
 
-    assertion = maybe mempty ((WideBuilder (TB.singleton ' ') 1 <>).showBalanceAssertion) $ pbalanceassertion p
-    -- pad to the maximum account name width, plus 2 to leave room for status flags, to keep amounts aligned
-    statusandaccount = lineIndent . fitText (Just $ 2 + acctwidth) Nothing False True $ pstatusandacct p
-    thisacctwidth = realLength $ pacctstr p
-
     pacctstr p' = showAccountName Nothing (ptype p') (paccount p')
     pstatusandacct p' = pstatusprefix p' <> pacctstr p'
     pstatusprefix p' = case pstatus p' of
@@ -268,6 +264,17 @@ postingAsLines elideamount onelineamounts acctwidth amtwidth p =
       | otherwise   = showMixedAmountLinesB noColour{displayOneLine=onelineamounts} $ pamount p
     thisamtwidth = maximumBound 0 $ map wbWidth shownAmounts
 
+    -- when there is a balance assertion, show it only on the last posting line
+    shownAmountsAssertions = zip shownAmounts shownAssertions
+      where
+        shownAssertions = replicate (length shownAmounts - 1) mempty ++ [assertion]
+          where
+            assertion = maybe mempty ((WideBuilder (TB.singleton ' ') 1 <>).showBalanceAssertion) $ pbalanceassertion p
+
+    -- pad to the maximum account name width, plus 2 to leave room for status flags, to keep amounts aligned
+    statusandaccount = lineIndent . fitText (Just $ 2 + acctwidth) Nothing False True $ pstatusandacct p
+    thisacctwidth = realLength $ pacctstr p
+
     (samelinecomment, newlinecomments) =
       case renderCommentLines (pcomment p) of []   -> ("",[])
                                               c:cs -> (c,cs)
diff --git a/hledger/test/journal/balance-assertions.test b/hledger/test/journal/balance-assertions.test
index 1ccd34f9d..ec5db6b9d 100755
--- a/hledger/test/journal/balance-assertions.test
+++ b/hledger/test/journal/balance-assertions.test
@@ -455,3 +455,23 @@ $ hledger -f- print -x
     (a)              -2 ==* 1
 
 >=0
+
+# 26. When balance assignment with a cost generates two postings in one commodity,
+# the balance assertion appears only on the last, not both. (#1965)
+<
+2022-01-01
+	assets:eur  €10
+	equity
+
+2022-01-02
+	assets:eur      = €1 @ $1
+	assets:usd
+
+$ hledger -f- print -x date:2022-01-02
+2022-01-02
+    assets:eur            €-10
+    assets:eur         €1 @ $1 = €1 @ $1
+    assets:usd             $-1
+    assets:usd             €10
+
+>=