I NEED HELP WITH THIS ASAP ITS VERY IMPORTANT!!!!!!!!: Task The following is a letter received from a client with whom you have had a recent meeting for which he has requested to engage your services as his Accountant and you have asked him to supply you with details relating to his accounting transactions.

Dear Accountant,
As discussed in our meeting yesterday I am providing you with all the information at my disposal for your assistance in preparation of my accounts. I do regret that my records are incomplete but look forward to your assistance in setting up a proper accounting system going forward.
I started trading on January 1, 2023 with the following:
1) $100,000 from my personal funds for which I used $90,000 to open a business bank account and the next $10,000 I kept to pay cash expenses.
2) I also brought my personal motor vehicle valued at 2,000,000 into the business and this is fully utilised for business use. The fact that it was a new vehicle I expect it to last for 5 years.
3) The premises from which I operate is rented at $30,000 monthly, these payments are always made on the due date of the first of each month except for December which was paid on January 4th 2024 along with that month’s rent.
4) Sales have been very good, especially considering that this is my first year in business. I have been able to bank $600,000 monthly every month since February plus encash a cheque to pay my helper at home $50,000 monthly and take $100,000 monthly for myself.
5) January was a good month for sales, considering I had just started, promotions were high and I made $595,000. I took $25,000 to pay my personal bills and the balance was lodged to the business bank account.
6) Other monthly expenses relating to the business are Wages $90,000, Electricity $15,000 (since June this has been increase by 5%, and the figure billed in June remained the same to December); Water $8,000.
7) We opened an insurance policy on July 1, the annual premium was $90,000 per and the full amount was paid on this date.
8) Mark up on Purchases is 100%.
9) All payments, other than those that I have specifically told you were paid by cash or cash takings have been paid by direct bank transfers or cheque.
10) There is also a small office space which I have sub-let to a tenant for $10,000 monthly since March, which is paid in directly to the business bank account. The amount for December 2023 was lodged on January 7, 2024.
11) Inventory on hand at December 31, 2023 was a mere $75,000 and only $25,000 was due to us from customers of which we considered 5% as possibly uncollectable and as such has decided to make a provision for this.
I have put together all available records and source documents which I am forwarding to you along with this letter.
P.S. I am also looking at setting up a charitable organisation, this is my way of giving back to society and look forward to having further discussions with you on this.
Yours truly
Ryan Eccleston

Required:
A) Prepare Trial Balance, Income Statement and Statement of Financial Position as at December 31, 2023 along with the necessary postings to your ledger accounts.

B) Explain to Mr. Eccleston the difference between profit making and non-profit organisation and accounting for both. Make sure to include in a discussion on subscription account and the treatment of subscription owing and prepaid in the accounting records of a charitable organisation.