Mr. A keeps his books by single entry. His position on 1st January 1999 was as follows: Cash in hand $ 250: cash at bank $ 1,000; Debtors $2,000; stock $ 2,500; furniture $ 750: creditors $ 1,500 plant and machinery $3,000. His position on 31st December 1999: cash $ 300; Debtors $ 3,000; stock $ 3500; furniture $ 1,000: plant and machinery $ 4,500; creditors $ 2,000; Bank overdraft $ 500. During the year he withdrew $ 450 for his domestic expenses and introduced $ 750 as fresh capital. Prepare the statement of affairs and ascertain his profit or loss for the year