Self-test The following is a summary of the net assets of William.

(i) At 1 January 2009 he had assets of £65,000 and liabilities of £11,000.

(ii) On 31 December 2009 the assets amounted to £83,000 and the liabilities to

£14,000.

During the year William withdrew £10,000. What is the profit for the year?