Arthur prepares accounts to 31 March each year. Despite advice to the contrary he has always refused to open a bank account and insists that all of his receipts and payments should be in cash. His balance sheet at 31 March 1999 was as follows:

Arthur keeps a rudimentary cashbook but this was lost in the spring of 2000.

An interview with Arthur yielded the following information:

(a) Arthur estimates that his stock of goods on 31 March 2000 cost £1,000.
On that date, his customers owed him a total of approximately £500 but this figure includes a £100 debt which Arthur believes to be irrecoverable. A review of his suppliers' statements suggests that he owed £720 to those suppliers on 31 March 2000.

(b) Arthur occupies rented business premises. The rent used to be £80 per month (payable one month in advance) but this increased by 25% with effect from 1 January 2000. The rent for April 2000 was paid on 30 March 2000.

(c) Accrued heating and lighting expenses on 31 March 2000 are estimated to be £200.

(d) In January 2000, Arthur replaced some of his business equipment. He bought new equipment costing £800 but received a part-exchange allowance of £180 in relation to equipment which he had bought for £600 in June 1996. The balance due of £620 was paid out of Arthur's private funds.

(e) Depreciation is calculated at 20% p.a. on the straight-line basis, with a full year's charge in the year of acquisition and none in the year of disposal. None of Arthur's equipment was more than four years old on 31 March 2000.

(f) Arthur withdraws £150 from the business each week to cover his personal living expenses. In December 1999, he withdrew an extra £250 to pay for Christmas presents. He also takes an estimated £20 worth of stock from the business each week.
(g) There was approximately £500 cash in hand on 31 March 2000.
Required:
Insofar as the above information permits, calculate Arthur's net profit for the year to 31 March 2000.

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Fixed assets Equipment at cost Less: Accumulated depreciation to date Current assets Stock of goods for resale Trade debtors Prepaid rent Cash in hand 3 3,800 2,400 1,400 950 640 80 730 2,400 Current liabilities Trade creditors 590 Accrued heating and lighting 180 770 Net current assets 1,630 3,030 Capital As at 31 March 1999 3,030