Harold, Martin and Peter have been in partnership for a number of years. Their

partership 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 an

annual 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.