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(1)Immediately after the end of each financial year the local authority shall cause the accounts of the authority for that year to be brought to a balance and a balance sheet prepared with respect thereto.
(2)The accounts and balance sheet shall be made up so as to exhibit a complete statement showing with regard to each account—
(a)the assets and liabilities;
(b)the amount set aside by the authority during the year for the repayment of debt by way of periodical contributions to any sinking fund, to a loans fund as hereinafter provided for or otherwise;
(c)the amount of the sums borrowed and the sums received from the sale or alienation of property;
(d)the amount of annual revenue, the amount of rates collected and the amount of all sums in arrear or remaining unpaid at the close of the accounts; and
(e)the amount of all sums paid and sums remaining unpaid in respect of any expense incurred during the year, distinguishing capital expenditure from expenditure out of annual revenue,
(3)The accounts of each local authority shall be completed and signed by such person or officer of the authority and before such date as the Secretary of State may prescribe.
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