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The question requires identification of the correct statements among the provided options.
Statement I - Caffeine, commonly found in tea and coffee, has diuretic properties. It`s not called `caffenic`, but the concept here is correct.
Statement II - Citric acid is in fact commonly used in soft drinks, aiding in providing a tangy flavor and acting as a preservative.
Statement III - Ascorbic acid, also known as Vitamin C, plays a crucial role in the formation and maintenance of connective tissue, including bones and teeth.
Statement IV - Citric acid can`t substitute for ascorbic acid nutritionally. Although they are both acids, ascorbic acid has specific nutritional contributions that citric acid doesn`t provide.
Given these dissections, options I, II and III are correct but IV is not, leading to the correct answer being option 2, `I, II and III only`.