Arrange the following in correct sequence in the event of dissolution of a partnership firm.
1. If surplus, it is distributed among the partners.
2. The assets of the firm are realised.
3. Amount realised is applied towards repayment of liabilities to outsiders and loan taken from partners.
4. Capital contributed by partners is repaid.
Select the correct answer:
A. 4, 3, 2, 1
B. 2, 4, 1, 3
C. 2, 3, 4, 1
D. 2, 1, 4, 3
Answer: Option C
This Question Belongs to Commerce >> Accounting
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