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Jack and Poy are partners with capital balances, and profit and loss ratio as follows:
Capital P & L Ratio Jack P 24,500 60% Poy 15,500 40%
Problem 1: The partners decided to liquidate the partnership. The firm's liabilities amount to P 36,000, including P 4,000 owing to Jack and P 3,500 owing to Poy on loans. After realization of assets, the cash on hand amounts to P 37,500. How much is the total loss onrealization?
Problem 2: Refer to data in no. 1, in the settlement to partners, how much did Jack receive?
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