Arrange the following accounting procedures involved in handling the retirement or death of a partner in the correct logical sequence:(A) Settlement of the amounts due to the retired/deceased partner(B) Ascertainment of the new profit-sharing ratio and gaining ratio(C) Adjustment of capitals, if required(D) Revaluation of assets and liabilitiesChoose the correct answer from the options given below:

The standard logical sequence followed when a partner leaves a firm is:Ascertainment of new profit-sharing ratio and gaining ratio (B): This must be done first to compute goodwill adjustments.Revaluation of assets and liabilities (D): To record changes in asset values up to the date of retirement/death.Adjustment of capital, if required (C): Rearranging remaining partners' capitals according to new ratios.Settlement of the final amounts due (A): The last step where dues are paid or transferred to an executor/loan account.Hence, the correct operational series is (B), (D), (C), (A).