(1) The Municipal Commissioner or the Executive Officer shall, within four months of the close of a year, cause to be prepared a Balance Sheet of the assets and the liabilities of the municipality for the preceding year.
(2) The form of the Balance Sheet, and the manner in which the Balance Sheet shall be prepared, shall be such as may be prescribed.
116. Submission of financial statement and balance sheet to auditor - The financial statement prepared under section 114 and the balance sheet of the assets and the liabilities prepared under section 115 shall be placed by the Municipal Commissioner or the Executive Officer before the Standing Committee which, after examination of the same, shall adopt and remit them to the auditor as may be appointed in this behalf by the State Government.