Match the following list 1 with list 2.

1) b, 2) a, 3) c, 4) d

* Assets are first applied to pay- The assets of the firm, including any additional sums contributed by the partners to make up deficiencies of capital, shall be utilized in the following manner and order:
(i) The first priority is to settle the debts of the firm owed to third parties, such as creditors and lenders.
(ii) After clearing the firm's debts, any amounts owed to partners for advances made to the firm (referred to as partner's loans) will be paid back to each partner proportionately.
(iii) Subsequently, the partners will be paid back their respective capital contributions in proportion to their share of capital in the firm.
(iv) Any remaining assets, if available, will be divided among the partners based on their profit-sharing ratio.

* Concerned partner is liable personally for- Private debts refer to the personal liabilities and financial obligations of individual partners in a partnership. These debts are not directly related to the partnership business but are instead incurred by the partners in their personal capacity. Private debts may include personal loans, credit card debts, mortgages, medical bills, or any other financial obligations that a partner may have outside the context of the partnership.
For example, if a partner took out a personal loan to finance a house or a car, that loan would be considered a private debt because it is not associated with the partnership's business activities.

* All partners are liable jointly and severally for- Firm Debts are the liabilities and financial obligations incurred by the partnership firm itself. These debts arise from the normal course of business operations and are related to the activities of the partnership. Firm debts may include business loans, trade payables, lease obligations, and any other debts or obligations that the partnership firm owes to external parties.

* Loss including deficiency is first paid out of-  When a firm is dissolved, its business operations come to an end, and it must settle all its accounts and liabilities. Section 48 of the Partnership Act 1932 provides the following rules, which, subject to any agreement among the partners, apply in this context:
Losses, including deficiencies of capital, shall be addressed in the following order:
(i) Firstly, losses will be covered using any available profits of the firm.
(ii) If profits are insufficient, the losses will be covered from the capital contributions made by the partners.
(iii) If there are still remaining losses, the partners will individually contribute to cover the losses in proportion to their profit-sharing ratio.