Question 1 (50 marks/CLO 2, 3 \& 4) The Beseda Sailing Club is an association for sailing enthusiasts located in Negril. The club owns a bar which provides supplemental income and is also involved in rental of boats, sailing training for all ages and racing competitions. On January 1, 2012 the club had the following assets and liabilities: Club owned boats and yachts $950,000, Creditors $150,000, Bar stocks $75,000, Repair expenses to yacht outstanding $38,000, Fixtures and fittings $110,000, General expenses prepaid $12,000 and Cash Balance $574,000. The receipts and payments for the period ending December 31, 2012 are as follows: Notes: (i) $24,000 was pre-paid for rent as at December 31, 2012. (ii) $45,250 was outstanding for repairs to yachts and boats as at December 31, 2012. (iii) There was no closing bar stocks on December 31, 2012. Required: (a) Outline three (3) basic features of a non-profit organization. ( 3 marks) (b) The Accumulated Funds Statement as at January 1, 2012 (10 marks) (c) The Receipts and Payments Account for the year ending December 31, 2012. (9 marks) (d) A Bar Trading Account for the year ending December 31, 2012. (5 marks) (e) The Income and Expenditure Account for the year ending December 31, 2012. (11 marks) (f) The Beseda Sailing Club's Balance Sheet as at December 31, 2012. (12 marks)