The correct sequence of the rivers when arranged from North to South is Kishenganga, Ganga, Wainganga, Penganga. Let`s understand why.

Option 1 is correct since Kishenganga river is in the northernmost part, located in the Indian state of Jammu and Kashmir. Following southward, we have the Ganga river, which flows across northern India. Then, we have the Wainganga river, flowing in Central India primarily through Madhya Pradesh and Maharashtra. Lastly, the Penganga river, the southernmost river amongst all four, also flows through Maharashtra.

Option 2, 3 and 4 are incorrect. In options 2 and 3, Ganga is placed more north than Kishenganga, but in reality, the Kishenganga river is north of the Ganga river. Option 4 is incorrect because it repeats the Ganga river and doesn`t include the Penganga river which is the southernmost among the given rivers.