A. Dodds started in business on 1 January 2011 with £40,000 in a bank account. Unfortunately, he did not keep proper books of account. He must submit a calculation of profit for the year ending 31 December 2011 to the Inspector of Taxes. At 31 December 2011 he had inventory valued at cost £8,000, a van which had cost £9,000 during the year and which had depreciated during the year by £2,000, accounts receivable of £16,000, expenses prepaid of £400, a bank balance of £34,000, a cash balance £300, trade accounts payable £8,000, and expenses owing £800. His drawings were: cash £500 per week for 50 weeks, cheque payments £1,000. Draw up statements to show the profit or loss for the year.