Stephanie Duke is a wholesaler whose accounting records are chaotic. You ascertain the following information:

(i) She draws \(£ 2,000\) a month from the business for her living expenses.

(ii) In June 2024 her grandfather died and left her \(£ 5,500\) in his will. Stephanie put the entire amount into her business.

(iii) The assets and liabilities of her business were as follows:

Calculate the net profit for 2024 made by Stephanie.

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Non-current assets at valuation Inventory at cost Trade receivables Cash at bank Trade payables 31 December 2023 140,000 53,200 68,500 1,700 72,300 31 December 2024 154,000 59,100 70,400 2,900 80,600