Explanation:

- Total Revenue from Operations:

- Cash Revenue = Rs 4,00,000

- Credit Revenue = Rs 21,00,000

- Total Revenue = Rs 4,00,000 + Rs 21,00,000 = Rs 25,00,000

- Revenue from Operations Return: Rs 1,00,000

- Net Revenue from Operations: Total Revenue - Revenue Return

- Rs 25,00,000 - Rs 1,00,000 = Rs 24,00,000

- Cost of Revenue from Operations: Rs 19,20,000

- Gross Profit (G.P.):

- Net Revenue - Cost of Revenue

- Rs 24,00,000 - Rs 19,20,000 = Rs 4,80,000

- Gross Profit Ratio (G.P. Ratio):

- (Gross Profit / Net Revenue) × 100

- (Rs 4,80,000 / Rs 24,00,000) × 100 = 20%

- Correct Answer: Option 4, 20%