(1) Every trader must keep such books of accounts as are necessary to exhibit or explain his or her transactions financial position in his or her trade or business, including a or books containing entries from day to day in sufficient detail of all cash received and cash paid, and, where the or business has involved dealings in goods, accounts of all goods sold or purchased, and statements of annual stock-takings, and further the relation between assets and liabilities at the close of each financial year.