Bicycle thief

A man came to a bi-cycle shop and bought a bi-cycle for £350 whose
cost price is £300.

He gave  travelers’ cheques to the shop keeper.

As the shop owner has got no provision to en cash that, he gave the
cheques ( 4 each worth £100) to his neighbor shop owner and got
£400 and gave back £50 to the cycle buyer.

Next day, that shop keeper went to the bank and found the
travelers’ cheques are all duplicate.

So, he asked his friend to give back the money.

What is the loss incurred by the bicycle shop owner?

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