Explanation:

- The current ratio is a measure of a company's ability to pay short-term obligations with its short-term assets.

- Initially, current assets = Rs3,00,000 and current liabilities = Rs2,00,000.

- Initial current ratio: 3,00,000 / 2,00,000 = 1.5.

- Payment of Rs50,000 reduces both current assets and liabilities.

- New current assets = Rs3,00,000 - Rs50,000 = Rs2,50,000.

- New current liabilities = Rs2,00,000 - Rs50,000 = Rs1,50,000.

- New current ratio: 2,50,000 / 1,50,000 = 1.67.

Option:2, 1.67 : 1 is the correct answer.