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Question: multiple choice question cathy and jess formed a partnership trading...
Question details
Multiple choice question: Cathy and Jess formed a partnership trading as C & J Consulting Services. In their partnership agreement it was not stated how they will split any profit or loss. At 30 June 2019 the Partner’s Equity is as follows: Cathy: $58,000; Jess: $87,000. At 31 July C & J made a cash profit of $3,200. How would this profit share between Cathy and Jess?
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Cathy: $1,600; Jess: $1,600 |
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Cathy: $1,200; Jess: $2,000 |
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Cathy: $1,280; Jess: $1,920 |
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None of the options is correct |
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Cathy: $1,920; Jess: $1,280 |
please provide working out.
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