J. Frank commenced business on 1 January 20X9. His position was:

Assets: land and buildings, £75,000; fixtures, £5,600; balance at bank, £17,400.

Liabilities: mortgage on land and buildings, £40,000.

He traded for a year, withdrawing £5,000 for his personal use and paying in no additional capital.

His position on 31 December 20X9 was:

Assets: land and buildings, £75,000; fixtures, £5,600; delivery van, £6,500; sundry receivables, £4,700; inventory, £9,400; balance at bank, £10,500; cash in hand, £800.

Liabilities: mortgage on land and buildings, £50,000; sundry payables, £8,000.

Required
Calculate Frank’s profit or loss for 20X9.