Explanation:

Trade Payables Turnover Ratio shows how efficiently a company pays off its suppliers. It's calculated using the formula:

$$ \text{Trade Payables Turnover Ratio} = \frac{\text{Total Purchases}}{\text{Average Trade Payables}} $$

- Total Purchases: Given as ?4,20,000.

- Average Trade Payables: This includes both creditors and bills payable.

$$ \text{Average Trade Payables} = \frac{\text{Creditors (?90,000) + Bills Payable (?52,000)}}{2} = \frac{?1,42,000}{2} = ?71,000 $$

- Calculate Ratio:

$$ \frac{?4,20,000}{?71,000} \approx 5.92 $$

Now, let's evaluate the options:

- Option 1: 29.6 times – Not correct

- Option 2: 2.96 times – Not correct

- Option 3: 29.6% – Not relevant

- Option 4: 2.69 : 1 – Not correct

None of the options match 5.92. However, based on the options provided, if calculating differently could potentially make option 2 correct if other average accounting methods are used.