Tap A fills 4 buckets in 24 minutes ⇒ $\frac{24}{4}=6 \mathrm{minutes}$

Tap B fills 8 buckets in 1 hour ⇒ $\frac{60}{8}=7.5 \mathrm{minutes}$

Tap C fills 2 bucket in 20 minutes ⇒ $\frac{20}{2}=10 \mathrm{minutes}$

In 2 hours,

Number of buckets filled by tap A ⇒ $\frac{120}{6}=20 \mathrm{buckets}$ 

Number of buckets filled by tap B ⇒ $\frac{120}{7.5}=16 \mathrm{buckets}$ 

Number of buckets filled by tap C ⇒ $\frac{120}{10}=12 \mathrm{buckets}$ 

Total number of buckets filled ⇒  (20 + 16 + 12) = 48 buckets

Total capacity of the tank = Total number of buckets filled X Capacity of each bucket

 ⇒  48 x 5 = 240 L

Hence option A is correct.