QUESTION 1 Gemilang Enterprise is involved in the food processing industry. The following were extracted from the financial statements of Gemilang Enterprise for the year ended 30 Jun 2020 and 30 Jun 2021. Financial statements for the year ended 30 Jun 2020: Gemilang Enterprise Statement of Profit or Loss for the year ended 30 Jun 2020 RM RM Sales 150,000 (-) Sales return (-) Discount allowed Less: Cost of goods sold (3,000) (2,300) 144,700 Opening inventory + Purchases (-) Drawings of goods (-) Purchase return 35,000 88,700 (1,000) (2,800) (-) Discount received. (2,500) + Carriage inwards 1,680 Cost of good available for sales 119,080 (-) inventory stock (49,000) (70,080) Gross Profit 74,620 Add: Other Income Interest on fixed deposit 6,400 Rental income 9,300 15,700 Less: Expenses Water and electricity Salaries Interest on loan Carriage outwards Depreciation: 5,250 11,650 8,200 3,120