State the order in which final accounts of a partnership firm are prepared

(A) Profit and Loss A/c
(B) Balance Sheet
(C) Trading A/c
(D) Profit & Loss Appropriation A/c
(E) Partners' Capital Accounts

Choose the correct answer from the options given below.

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

The correct answer is Option (4) - (C), (A), (D), (E), (B).

Final accounts of partnership firm are prepared in the following manner-
* Trading account- prepare to calculate gross profit
* Profit and loss account- prepare to calculate net profit
* Profit and loss Appropriation account- prepare to calculate divisible profit
* Capital account of partners- prepare to calculate capital balance of partners
* Balance sheet- prepare to know the financial position of the firm