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?
please provide working out.