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Martin started business on 1st April, 2018 with a capital of $60,000.During the year, he sold his personal scooter for $12,000 and deposited the money in his business bank account. He withdrew $400 p.m. from the business for his domestic use. Interest on capital was allowed to him $1,000 and interest charged on his drawings was $300. His capital as on 31st March, 2018 was $85,000. Find out his profits for the year 2017-18