In a partnership firm, if the value of land has to be brought up to 120% of its book value (₹60,000), then what is the current value of land?

₹50,000 ₹60,000 ₹72,000 ₹48,000

₹72,000

The correct answer is option 3 i.e. ₹72,000. Book value = ₹60,000 Current value = 60,000 x 120/100                        = ₹72,000