Indera Bhd sold a freezer to Tasty Bhd under hire purchase scheme on 1 November 2018. The selling price and cost of goods sold for the freezer are RM12,000 and RM7,000 respectively.

Indera Bhd required Tasty Bhd to pay a deposit of RM6,000. The hire purchase period is 18 months which due at the end of each month starting from 30 November 2018. The interest rate for the hire purchase agreement is 8% per annum.

Indera Bhd recognized interest using the sum of years' digit at the end of accounting period which is on 31 December every year. Sales method is applied to record the hire purchase transaction and the gross profit is recognized based on collection

--------What is the gross profit realised for the year 2018. What are all relevant journal entries for Tasty Bhd on 31 December 2018.

----------What is the Statement of Profit or Loss for the year ended 31 December 2018.

--------------Assume Indera Bhd wants to repossess the freezer due to the failure of Tasty Bhd to pay the installments. what is the accounting treatments in the book of Indera Bhd on -the repossession date.