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Determine the loss on realization of the non cash assets was

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Problem 1: On December 31, 2019, ACE Partnership showed capital balances of A P40,000, C-P25,000 and E P5,000. P&L ratio was 3:2:1. They decided to liquidate and all non cash assets are sold for P37,000 cash. After paying creditors amounting to P12,000 there is still P28,000 left for distribution. The loss on realization of the non cash assets was?

Reference no: EM132812418

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