Kwesi Borato has been an employee of Auto Services Limited since May 2005 on a salary of GHS 9,600 per annum. His other benefits are: Rent Allowance GHS600 pa Transport Allowance GHS 480 p.a He contributes 5% to the Social Security Scheme. In February 2008, Kwesi took advantage of his employment at Auto Services and purchased two old buses cheaply at GHS5,000 each. The market value at the time was GHS 9,000 each. He took a loan of GHS12,000 from his bankers and used GHS 10,000 to pay for the cost of the buses and the remaining GHS2,000 to rehabilitate them. Interest due at the end of December, 2008 was GHS1,200. In April 2008, he put them on the road under the supervision of his younger brother, Kweku. His Income and Expenditure for the period ending 31* December, 2008 was as follows: GHS 234.00 GHS Gross Receipts Less expenses Salaries & wages 4.500 Tyres & tubes 22.000 Maintenance 3.000 Fucl and lubricants 78.000 Read worthy certificates 600 Insurance 5.400 Vehicle income tax 360 Bank interest 1.200 Miscellaneous 500 Depreciation 800 Net profit 116 117.720 He is married with only one child at Aburi girls High School. Required: Compute his chargeable income for the year 2008