According to Indian Partnership Act, 1932, when the firm is dissolved, cash received on sale of assets are applied in fo…

According to Indian Partnership Act, 1932, when the firm is dissolved, cash received on sale of assets are applied in following order:
(A) Paying to each partner proportionately what is due to him/her on account of capital
(B) In paying the secured debts of the firm to the third parties
(C) In paying each partner proportionately what is due to him/her from the firm for advances as distinguished from capital
(D) The residue, if any shall be divided among the partner's in their profit sharing ratio
(E) In paying unsecured debt of firm to third parties

Choose the correct answer from the options given below :