Steps involved in accounting treatment at the time of death/retirement of a partner -(A) Adjustment of capital, if required(B) Preparation of revaluation account, if required(C) Ascertainment of new profit sharing ratio and gaining ratio(D) Settlement of the amounts due to retired / deceased partnerChoose the correct answer from the options given below:

The chronological and logical sequence of steps at the time of retirement or death of a partner is as follows:Step 1 (C): Ascertainment of new profit sharing ratio and gaining ratio (needed for calculating goodwill contribution).Step 2 (B): Preparation of revaluation account to find out the profit or loss on revaluation of assets and liabilities.Step 3 (A): Adjustment of capital accounts including reserves, accumulated profits, and revaluation balance adjustments.Step 4 (D): Final settlement of the amounts due to the retired or deceased partner (transferring to loan account or executor account).This gives the sequence: (C), (B), (A), (D).