Introduction:
Ms X and Company is a partnership firm with partners ABC sharing the profit and loss in the ratio of 3:2:5. It means that the profits and losses of the firm will be distributed among the partners in this given ratio.

Explanation:
The partnership firm is a business structure in which two or more people come together to carry out a business activity. In this case, Ms X and Company is a partnership firm with three partners, namely A, B, and C. The profits and losses of the firm will be shared among the partners in the ratio of 3:2:5.

Profit sharing:
The profits of the partnership firm will be shared among the partners in the ratio of 3:2:5. This means that if the firm makes a profit of Rs 100, the distribution of the profit will be as follows:
- Partner A will get Rs 30 (30% of the profit)
- Partner B will get Rs 20 (20% of the profit)
- Partner C will get Rs 50 (50% of the profit)

Loss sharing:
Similarly, if the partnership firm incurs a loss, the partners will share the loss in the same ratio of 3:2:5. For example, if the firm incurs a loss of Rs 100, the distribution of the loss will be as follows:
- Partner A will bear Rs 30 (30% of the loss)
- Partner B will bear Rs 20 (20% of the loss)
- Partner C will bear Rs 50 (50% of the loss)

Conclusion:
Thus, it can be concluded that in a partnership firm, the profits and losses are shared among the partners in the ratio agreed upon by the partners. In the case of Ms X and Company, the partners share the profits and losses in the ratio of 3:2:5.