Question 3 The Corona Enterprise is a sole proprietorship owned by Miss Carol which has been in operation for a year. Miss Carol has kept track of her transactions and wishes to know whether she earned a profit. The following is the balance of the accounts as at 31 December 2019. RM Utility expenses 480 | Stocks as at 1 January 2019 12,450 Stationeries 425 Staff salaries 357,980 Sales 700,055 Purchases 423,080 Return outwards 4,340 Return inwards 2,990 Office rental 32,500 Motor vehicles 125,000 Motor expenses 1,280 Land and building 1,000,000 Interest received 2,300 Interest on loan 27,500 Import duty 1,200 General expenses 890 Furniture 280,000 Drawings 5,460 Discount received 3,345 Discount allowed 2,128 Debtors 65,700 Creditors 78,900 Capital ? Cash 26,350 Carriage outwards 2,000 Bank loan 600,000 Bank 350,300 Bad debts 2,820