Answer? (PJ)
Here I think the correct order should be 4312 since first we will mention that the credit has been substituted with cash and only then we can say that 'before the founding(cash) ......
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IPMAT/Verbal Ability
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imo, the transition from 1 to 3 makes sense
considering statement 3 first then putting 2 seems vague
you can introduce a situation first(1) then provide the reason for it happening(3) and the result of it(2)