Step 1:
Kha is a guttural consonant pronounced from the throat.
\[
A \rightarrow II
\]
Step 2:
Ja is palatal and Dha is cerebral (Mūrdhanya).
\[
B \rightarrow III,\quad C \rightarrow IV
\]
Step 3:
Pha is a bi-labial consonant.
\[
D \rightarrow I
\]
Step 4:
Hence, the correct sequence is:
\[
A-II,\; B-III,\; C-IV,\; D-I
\]
Therefore, the correct answer is:
\[
\boxed{\text{(2)}}
\]