Nido Company keeps limited records. Its assets and liabilities at the beginning and end of the current year are as follows: 

                                                 Beginning               End

         Cash in Bank                    P 30,000        P ( 5,000)

         Accounts Receivable          50,000            70,000

         Merchandise Inventory     100,000            80,000

         Accounts Payable               40,000            20,000

         Notes Payable-Bank           20,000            25,000

         Office Equipment (net)       80,000            60,000

         During the year, the owner withdrew cash of P12,000 and made additional investments of P50,000.

         Compute the net income (loss) of Nido Company for the year. (Hint: Use Accounting Equation)