Joe and Rajiv are discussing the liquidation of a partnership. Joe argues that all cash should be

Question:

Joe and Rajiv are discussing the of a partnership. Joe argues that all cash should be distributed to partners based on their profit and loss ratios. Is he correct? Explain.
Liquidation
Liquidation in finance and economics is the process of bringing a business to an end and distributing its assets to claimants. It is an event that usually occurs when a company is insolvent, meaning it cannot pay its obligations when they are due....