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2. The statement of financial position of the firm of RJ, SJ, and IJ just before liquidation shows the following: Assets P120,000 Liabilities 50,000 RJ,

2. The statement of financial position of the firm of RJ, SJ, and IJ just before liquidation shows the following: Assets P120,000 Liabilities 50,000 RJ, loan 10,000 RJ, capital 22,000 SJ, capital 30,000 TJ, capital 8,000

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