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PALLO 15.3 The partnership of Tam and Brook shares profits and losses in a 60:40...

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PALLO 15.3 The partnership of Tam and Brook shares profits and losses in a 60:40 ratio respectively after Tatum receives a 10,000 salary and Brook receives a 15,000 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the A $40,000 B. $25,000 C. (55,000) In addition, show the resulting entries to each partner's capital account. Tatum's capital account balance is $50,000 and Brook's is $60,000 Solution Tatum Brook Total Salaries Remaining income allocation Total division of income Income Summary Tatum, Capital Income Summary Brook, Capital . Tatum Brook Total Salaries Remaining income allocation Total division of income Income Summary Tatum, Capital Income Summary Brook, Capital C Tatum Brook Total Salaries Remaining income allocation Total division of income Tatum, Capital Page 1 of 4 . Income Summary Income Summary Brook, Capital PA2 LA 14 *

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