Reference no: EM132720355
Question: On December 31, 2020, the accounting records of the Friends Partnership included the following information:
Raflyn, drawing (debit balance) P 120,000
Jane, drawing (debit balance) 45,000
Pablo, loan 150,000
Raflyn, capital 615,000
Jane, capital 502,500
Pablo, capital 540,000
Total assets amounted to P2,392,500, including P262,500 cash, and liabilities totaled P750,000. The partnership was liquidated on December 31, 2020, and Jane received P416,250 cash pursuant to the liquidation. Raflyn, Jane, and Pablo share net income and losses in a 5:3:2 ratio, respectively. What is the total loss on realization.
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