In saucepan, combine milk and water over medium heat. Heat milk mixture until scalding, but do not allow it to boil.
Remove from heat and whisk in gelatin mixture until dissolved. Stir in almond flavoring. Pour into 9x13-inch glass baking dish and refrigerate 2 to 3 hours or until set.
To serve, cut the junket into small cubes and spoon into serving bowl. Mix in fruit cocktail. Optional ... top with sweetened whipped cream.