A trader commenced business on 1 November 2015 reported the following balances in the first year of operation:

Interest expense	5,000
Heat and light expenses	3,130
Telephone and postage	2,470
Salaries and Wages	40,000
Insurance	10,000
Sales revenue	250,000
Taxation expense	17,350
Opening inventories	60,000
Purchases	58,460
Closing inventories	20,350

How much is the profit for the year ended 31 October 2016?