Explanation:

- Correct Answer: Option 3 - Total Assets

Proprietary Ratio shows how much of the total assets are financed by the proprietor’s funds. It is calculated as Proprietor’s Funds divided by Total Assets.

- Option 1 - Long-Term Debts : This would relate to solvency ratios like the Debt to Equity Ratio, rather than the Proprietary Ratio.

- Option 2 - Short Term & Long Term Debts : This involves both types of debts, not specific to assets or proprietors' funds.

- Option 4 - Debentures : This is a form of long-term debt and doesn’t relate to Proprietary Ratio directly.