(1) Every firm shall cause to be kept proper accounts with respect to its financial position and changes therein, and with respect to the control of, and accounting for, all property acquired whether for resale or for use in the firm's business and in particular with respect to,

(a) all sums of money received and expended by or on behalf of the firm and the matters in respect of which the receipt and expenditure takes place;

(b) all sales and purchases by the firm of property, goods and services;

(c) the assets and liabilities of the firm and the interests of the partners therein.

(2) Every firm shall, at intervals of not more than fifteen months, cause to be prepared,

(a) a profit and loss account giving a true and fair view of the profit or loss of the firm for the period to which it relates; and

(b) a balance sheet giving a true and fair view of the assets and liabilities and state of affairs of the firm and of the value of the interest of each of the partners therein as at the end of the period to which the profit and loss account relates.

(3) The Registrar may, by order published in the Gazette, prescribe the form of, or minimum information to be given in, accounts and balance sheets to be kept and prepared in accordance with this section and may require accounts and balance sheets to be audited and may prescribe the qualifications of auditors.

(4) If there shall be any default in maintaining or preparing the accounts and balance sheet required by this section each partner shall be liable to a fine not exceeding one hundred pounds.