Balance Sheet of Smileheavy Ltd as at 31-3-2017 reveals as under: Liabilities Particulars Amount in ₹ 1,50,000 equity shares of ₹ 10/- each fully paid up 15,00,000 2,00,000 equity shares of ₹ 6/- each fully paid up 12,00

Balance Sheet of Smileheavy Ltd as at 31-3-2017 reveals as under: Liabilities Particulars Amount in ₹ 1,50,000 equity shares of ₹ 10/- each fully paid up 15,00,000 2,00,000 equity shares of ₹ 6/- each fully paid up 12,00,000 60,000 12% cumulative preference shares of ₹ 10/- each fully paid up 6,00,000 Secured Loans 14,00,000 Trade Payables 6,50,000 Total 53,50,000 Assets Particulars Amount in ₹ Land & Buildings 23,00,000 Furniture, Fixture & Fittings 3,90,000 Profit & Loss Account Debit Balance 13,00,000 Inventories 8,30,000 Trade Receivables 4,10,000 Balance with Bank 1,20,000 Total 53,50,000 Current value of Land & Buildings is ₹ 30,00,000/-, Furniture, Fixture & Fittings is ₹ 2,50,000/-. Inventory is valued at ₹ 9,11,000/-. Debtors are expected to realise 90% of their book value. You are informed that preference dividend has not been paid for the last 5 years. Calculate the intrinsic value of per equity shares by Net Assets Method.