The following is the Balance Sheet of F Company Ltd. as on December 31, 2015:

You are required to ascertain the fair value of the equity shares of the company from the following particulars :
(1) The company has been earning profits at an increasing trend consistently for the past three years as follows :
2013 ---- ₹ 1,75,000; 2014 ---- ₹ 2,10,000; and, 2015 ---- ₹ 2,50,000.
(2) The company sets aside from the profits 40% for Taxation and 15% towards general reserves.
(3) The prospects of the company for the year 2016 are considered to be good.
(4) Companies engaged in similar activities show a profit of 10% on market value of their shares.
(5) Goodwill is considered to be worth three years’ purchase of super profits.
(6) The debtors are expected to realise ₹ 46,000.
(7) The present value of land and building is estimated at ₹ 3,00,000.

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Balance Sheet of F Company Ltd. as at 31st December, 2015 I. EQUITY AND LIABILITIES (1) Shareholders' Funds: (a) Share Capital - 3,000 Equity Shares of 100 each fully paid (b) Reserves and Surplus -- General Reserve TOTAL II. ASSETS (1) Non-current Assets: (a) Fixed Assets (2) Share Application Money Pending Allotment : (3) Non-current Liabilities: (4) Current Liabilities : (a) Short-term Borrowings -- Bank Loan (b) Trade Payables -- Creditors (c) Other Liabilities Particulars (1) Profit and Loss Account (i) Tangible Assets: Plant and Machinery Land and Building Note No. (2) Amount (₹) (3) 3,00,000 80,000 27,900 1 50,000 70,000 20,000 5,47,500 1,35,000 2,74,000