A wallet is composed of multiple individual addresses. The addresses are the items that actually hold the bitcoins. It's difficult to figure out if a total balance is correct when looking at the whole wallet. We need to check the balance in each address.

In electrum, bring up the Classic GUI, (if you're using the Lite GUI), by going to the View Menu and selecting Classic GUI.

Then go to the 'Receive' tab. On the 'Receive' tab, you should see a balance associated with each individual address. This should be the actual balance in each of those addresses. You can double check them by going to 'www.btcbalance.net', and entering the addresses into that web page, which will also show you the balances in each address. If the two balances match, the one in electrum, and the one in www.btcbalance.net, then you can be confident that the balance in that address is correct. If you find an address in Electrum which has a different amount of bitcoins in it than in www.btcbalance.net, then it's probably Electrum's fault.

Let us know.