Youarepresented withthefollowing trialbalanceofAngelaTrading InvestmentHoldings,alimitedliabilitycompany, at 31October2020.

Additionalinformationas31October2020:

1. Buildingsaredepreciatedat10%ofcost,allocated toadministrativeexpenses.
2. Motorvehiclesaredepreciatedat20%ofcost,allocatedtoadministrativeexpenses.
3. Equipmentisdepreciatedat30%ofcost,allocatedtodistributioncosts.
4. Therewerenoadditionsordisposalsofnon-currentassetsduringtheyear.
5. Inventoryat31 October2020 wasvalued at$4,074,000.
6. Landwasrevalued at31October2020to $9,126,000.
7. Taxof$504,000istobeprovidedfortheyear.

Question:

a) Prepare a statement of profit or loss and other comprehensive income for the year ended 31October 2020 of Angela Trading Investment Holdings Limited in accordance with "HKAS 1PresentationofFinancialStatements".

b) Explainthefollowingaccountingterms:

1. Currentassetsandnon-currentassets;
2. Currentliabilitiesandnon-currentliabilities.

c) Auditcommitteescontributesignificantlytoraisingthestandardsofcorporategovernanceiftheyoperate effectively.Brieflycomment on thisstatement.