Youarepresented withthefollowing trialbalanceofAngelaTrading InvestmentHoldings,alimitedliabilitycompany, at 31October2020.

Dr.	Cr.
$'000	$'000
Landatcost	6,990	-
Buildingsatcost	15,840	-
Motorvehiclesatcost	2,520	-
Equipmentatcost	4,800	-
Buildings, accumulateddepreciation, at1 November2019	-	7,500
Motorvehicles,accumulateddepreciation,at1November2019	-	420
Equipment,accumulateddepreciation,at1November2019	-	2,010
Tradereceivables	16,560	-
Cash	504	-
Trade payables	-	4,500
Bankoverdraft	-	1,572
Bankloan	-	4,494
Sharecapital	-	16,020
Retained earningsat1November 2019	-	5,526
Sales	-	72,546
Salesreturn	894	-
Inventoryat 1November2019	4,020	-
Purchases	44,736	-
Travellingexpenses(Distributioncosts)	3,900	-
Insurance(Distributioncosts)	1,968	-
Utilityexpenses(Distribution costs)	720	-
Printingexpenses(Administrative expenses)	2,202	-
Salaries(Administrativeexpenses)	8,520	-
Bank loan interestpaid	414	-
	114,588	114,588

Additionalinformationas31October2020:

1. Buildingsaredepreciatedat10%ofcost,allocatedtoadministrativeexpenses.
2. Motorvehiclesaredepreciatedat20%ofcost,allocatedtoadministrativeexpenses.
3. Equipmentisdepreciatedat30%ofcost,allocatedtodistributioncosts.
4. Therewerenoadditionsordisposalsofnon-currentassetsduringtheyear.
5. Inventoryat31 October2020 wasvalued at$4,074,000.
6. Landwasrevaluedat31October2020to $9,126,000.
7. Taxof$504,000istobeprovidedfortheyear.

Question:

(1) 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".

(2) Explainthefollowingaccountingterms:

a. Currentassetsandnon-currentassets;

b. Currentliabilitiesandnon-currentliabilities

(3) Auditcommitteescontributesignificantlytoraisingthestandardsofcorporategovernanceiftheyoperate effectively.Brieflycomment on thisstatement.