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What loss on realization was

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Partners John and George who have been dividing profits and losses in the ratio of 3:2, respectively, decided to liquidate their partnership. Capital balances before liquidation were: John - P 40,000; and George - P 30,000. After paying in full liabilities of P30,000, they have P 49,000 cash to divide.

Problem 1: Loss on realization was?

Reference no: EM132945423

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