Prashad keeps his books on Single Entry System, and from them and the particulars, supplied, the following figures were gathered on 31st March, 2023

Prashad keeps his books on Single Entry System, and from them and the particulars, supplied, the following figures were gathered on 31st March, 2023:

Book Debts ₹ 10,000; Cash in Hand ₹ 510; Stock-in-Trade (Estimated) ₹ 6,000; Furniture and Fittings ₹ 1,200; Trade Creditors ₹ 4,000; Bank Overdraft ₹ 1,000.

Prashad started business on 1st April, 2022 with Cash ₹ 6,000 paid into bank but stocks valued at ₹ 4,000.

During the year, he estimated his drawings to be ₹ 2,400. You are required to prepare the statement, showing profit/loss for the year, after writing off 10% for depreciation on furniture and fittings.