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On 31st March, 2019 the Balance Sheet of Laxmi Ltd. was as follows: Note Amount Particulars No. 1 1. Equity and Liabilities: (1) Shareholder's Funds: (a) Share Capital (b) Reserve and Surplus (2) Share Application Money Pending Allotment 2,00,000 70,000 Nil 2 1,00,000 (3) Non-Current Liabilities: Long-term Borrowings (4) Current Liabilities: Trade Payable Total 11 Assets Non-current and Current Assets Total 30,000 4,00,000 4,00,000 4,00,000 Notes to Accounts: Amount Particulars (1) Share Capital 2000 Equity Shares of 3 100 each 2,00,000 2,00,000 (2) Long-term Borrowings: Secured Loan 1,00,000 10% Debentures 1,00,000 Market value of the sundry assets is 5,00,000. The average earnings of the company after making payment for the interest to debentures but before paying for the income tax at 30% rate comes to ? 1,40,000 per annum. Normal rate of return in similar companies is 10%. Compute the fair value of shares