Expressive Youths is a non-profit youth club in the Corporate Area that engages its members in the buying and selling of paintings that are sold to the public to provide income for the club. For the financial year ending December 31, 2022, the clerical officer of the club provided the following information in relation to the clubs activities:

Payments: Electricity-$120,000 Purchase of television- $60,000 Purchase of paintings-$320,000 Refreshments, etc-$280,000 Stipend foe clerk- $96,000 Stationery -$50,000

Receipts: subscription-$300,000 sale of paintings-$800,000 Refreshments, etc. sale-$600,000 Donations - $250,000 other activities- $200,000

Additional Information: (i) On January 1, 2022 the club had paintings valued at $350,000; while subscription in arrears at that date was $15,000

(ii) On December 31, 2022 the club owed $25,000 for electricity, while $10,000 was paid for stationery that was to be received in January 2023.

(iii) The opening cash balance on January 1, 2022 was $620,000 while paintings in stock on December 31, 2022 was valued at $400,000.

(iv) At December 31, 2022, members had paid dues in advance of $34,000

Required: (A) (i) Explain the difference between accounts for non-profit and for-profit organisations. (5 marks)

(ii) Identify FOUR (4) examples of non-profit organisations in your country and state the services or functions of EACH. (4 marks)

(B) Prepare the following statements for Expressive Youths:

(i) The Receipts and Payments Account for the year ending December 31, 2022. (8 marks)

(ii) The Subscription Account (4 marks)

(iii) The Painting Trading Account for the financial period. (5 marks)

(iv) The Income & Expenditure Account for the financial period.(9marks)