Initially, there is 500cc of milk in a glass and 500cc of water in a cup.
Step 1: 150cc of milk is moved from the glass to the cup.
Now,
Glass - 350 cc milk
Cup - 150 cc milk and 500 cc water
Step 2: 150 cc of this mixture is transferred from the cup to the glass.
Now, Glass - 350 cc milk + 150 cc mixture with milk : water ratio 3:10
Cup - 500 cc mixture with milk : water ratio 3:10
Water in glass : milk in cup = 4 x 150 : 3 x 500 = 1:1
So, the answer is option (C): \(1:1\)