1) tim and tam agree to share a profit in the ratio of 5:3

2) Tim and Tam agree to share a profit in the ratio of their respectivr original captial investment.

3) Tim and Tam agree to recognise a respective salary allowance of $20,000 per year to Tim and $15000 to Tam . In addition, each partner is entitled to 7% interest on his original capital investment, with the remaning profit to be equally shared.

HIDE Hamal, Anket 1/25 Time Henning Show and in Question 3 (16 marks) Tim and Tam respectively invested S65 000 and $45 000 to form T & T Partnership on 1 January 2019. The partnership had a final profit of $80 000 for the year ended 31 December 2019. (1) By using Method 2 (fied capital balances) procedures, prepare the joumal entries to close the Profit or loss Summary account, and then to distribute the profit to partners Tim and Tam under each of the following assumptions 027-1-a (a) Tim and Tam agree to share a profit in the ratio of 53. (4 marks Unanswered 027-1-b