Post Utme Skyline University 2022 Accounting Question 24

A sole trader, XYZ, has the following transactions for the year ended December 31, 2022: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | Jan 1 | Capital | ₦50,000 | | | Jan 15 | Sales | | ₦20,000 | | Feb 1 | Purchase | ₦10,000 | | | Mar 1 | Rent | | ₦5,000 | | Apr 1 | Purchase | ₦15,000 | | | May 1 | Sales | | ₦30,000 | | Jun 1 | Purchase | ₦20,000 | | | Jul 1 | Rent | | ₦10,000 | | Aug 1 | Purchase | ₦25,000 | | | Sep 1 | Sales | | ₦40,000 | | Oct 1 | Purchase | ₦30,000 | | | Nov 1 | Rent | | ₦15,000 | | Dec 1 | Purchase | ₦35,000 | | What is the amount of the sole trader's net income for the year?