In settling accounts between the partners after a dissolution of partnership, the firm's assets, including the sums, if any, contributed by the partners to make up losses or deficiencies of capital, are applicable in the following manner and order1:
(1) in payment of the firm's debts and liabilities to persons who are not partners2;
(2) in repaying to each partner rateably what is due from the firm to him for advances as distinct from capital3;
(3) in repaying to each partner rateably what is due from the firm to him in respect of capital
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