Arrange the following in correct sequence for application of assets in the Settlement of Accounts in Case Of Dissolution of a Partnership firm -

(A) The balance should be applied to repay loans made by the partners to the firm.
(B) The assets of the firm should be used in paying the debts of the firm to third parties.
(C) The balance assets may be used for paying partners proportionately on account of capital.
(D) The asset's residue, if any, shall be divided among the partners in their profit sharing ratio.

Choose the correct answer from the options given below:

(B), (A), (C), (D)

The correct answer is Option (3) → (B), (A), (C), (D)