P.R. Laws tit. 10, § 1075
The book of inventories and balances shall begin with the inventory which must be made by the merchant at the time of commencing business, and shall contain:
(1) An exact statement of the money, securities, credits, notes payable, real or personal property, merchandise, and goods of all kinds appraised at their true value, and which constitute his assets.
(2) A true statement of the debts and all kinds of pending obligations, should there be any, and which form his liabilities.
(3) He shall fix, if proper, the exact difference between his assets and liabilities, which will be the capital with which to begin business.
Merchants shall, moreover, take annually and enter in the same book the general balances of their business, with the details mentioned in this section, and in accordance with the entries in the daybook, without any reservation or omission whatsoever, over their signatures and under their liability.
History —Commence Code, 1932, § 30.