Paul Jones set up his own catering business on 1 July 2018. During the 12 months up to 30 June 2019 the following transactions occurred:

1. Paul put $30 000 of his own money into the business.

2. He borrowed $40 000 from the bank for one year at 5 percent per annum, with interest to be paid at the end of the loan.

3. He paid $12 000 in wages and owed $2400 in wages for work done.

4. He bought catering equipment for $8000, which has an expected useful life of four years.

5. He paid other expenses of $10 000.

6. Paul sent bills for $60 000 to customers for work performed between 1 July 2018 and 30 June 2019. By 30 June he had received $55 000 and expected the other $5000 by August. Using the concepts of accrual accounting, calculate Paul’s profit for the year ended 30 June 2019.