$7.$ Harold, Martin and Peter have been in partnership for a number of years. Theirpartership agreement contains the following provisions.a$.$ Interest is to be charged at the rate of $15\%$ of each partner's total drawings for any financial year.b$.$ Interest of $8\%$ per annum is to be allowed on the balance of each partner's capital account at the beginning of the financial year.c$.$ Harold is entitled to an annual salary of $$16,000$ and Peter is entitled to anannual salary of $510,000.$d$.$ Martin made a loan to the partnership of $520,000$ several years ago and is entitled to interest of $10\%$ per annum.e$.$ Profits and losses are to be shared between Harold, Martin and Peter in the ratio of $32$:$1$ respectively.The following information has been made available in respect of the year ended $28$February $2005.(1)$ Capital account balances at $1$ March $2004$Harold $$30,000$Martin $$20,000$Peter $$10,000(2)$ Drawings for the year:Harold $$18,000$Martin $$15,000$Peter $$12,000($S$)$ Net Profit for the year, before interest, $$112,000.$Required$(1)$ Prepare the Profit & Loss Appropriation Account of the partnership for the year ended $28$ February $2005(2)$ Prepare Partner current Account for the partnership for the year ended $28$february $2005$