Arrange the following in correct sequence in the event of dissolution of a partnership firm.
1. Residue, if any, divided among the partners.
2. Paying to each partner for his capital.
3. Paying the debts of third party.
4. Paying to each partner for advances made by him.
Select the correct answer:
A. 4, 3, 2, 1
B. 2, 1, 4, 3
C. 3, 4, 2, 1
D. 3, 1, 4, 2
Answer: Option B
This Question Belongs to Commerce >> Accounting
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