(1)The Board shall maintain accounts of all receipts and expenditure relating to each year.(2)The expenditure incurred in a particular year shall be shown under separate heads and sub-heads.(3)The opening balance, if any shall be stated as such separately.(4)The closing balance of the year shall be shown at the foot of the accounts on the expenditure side.(5)An annual proforma account on accrual basis shall also be prepared for bringing out assets and liabilities as well as the details of reserves and investments.
