Mullet, Shark and Starfish operate a business which conducts deep sea fishing trips.

Their partnership agreement states that all profits and losses are to be shared in the ratio of $3$:$2$:$1$

after allowing for partners' salaries, interest on capital and interest on drawings.

The receipts and payments of the business for the $2022/23$ tax year were as follows:

RECEIPTS

Gross Income $-$ Boat Charters

$$491,000$

PAYMENTS

Applied Education

OTHER INFORMATION

Interest on drawings is charged at $12\%$ of total annual drawings.

Decline in Value deduction amounted to $$92,000.$

There were no debtors or creditors as the partnership settled all accounts when issued.

REQUIRED:

Using the template provided:

$($a$)$ Calculate the partnership net income for the year.

$($b$)$ Prepare a partnership distribution statement.

$($c$)$ Calculate Shark's taxable income $($Shark did not have any other income or deductions$)$