Your son had a bottle of juice. He drank it all. You hold up the bottle and show him that there's no more left.
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When there's no more of something, you can say that it's "gone":
A: Where's the coffee?
B: It's gone.
"All gone" is the same, but it sounds a little more playful. You use this phrase when speaking with young children. For example, you can play a game with a baby where you show them a toy, then put it behind your back and say this: