Step 1: Understanding the meter bridge principle.
In a meter bridge, the null point is the point where the ratio of resistances on both sides of the bridge is equal:
\[
\frac{R_1}{R_2} = \frac{L_1}{L_2}
\]
where \( R_1 \) and \( R_2 \) are the resistances in the two gaps, and \( L_1 \) and \( L_2 \) are the distances from the left and right ends of the bridge, respectively.
Step 2: Apply the conditions.
Initially, the null point is at 40 cm, so:
\[
\frac{R_1}{R_2} = \frac{40}{60} = \frac{2}{3}
\]
After connecting the 30 \(\Omega\) resistor in series with the smaller resistance, the null point shifts to 60 cm, so:
\[
\frac{R_1 + 30}{R_2} = \frac{60}{40} = \frac{3}{2}
\]
Step 3: Solving the system of equations.
From the first equation:
\[
\frac{R_1}{R_2} = \frac{2}{3} \quad \Rightarrow \quad R_1 = \frac{2}{3} R_2
\]
Substitute this into the second equation:
\[
\frac{\frac{2}{3} R_2 + 30}{R_2} = \frac{3}{2}
\]
Solving for \( R_2 \):
\[
\frac{\frac{2}{3} R_2 + 30}{R_2} = \frac{3}{2} \quad \Rightarrow \quad \frac{2}{3} + \frac{30}{R_2} = \frac{3}{2}
\]
Multiply through by 3:
\[
2 + \frac{90}{R_2} = \frac{9}{2}
\]
Simplifying:
\[
\frac{90}{R_2} = \frac{5}{2} \quad \Rightarrow \quad R_2 = \frac{90 \times 2}{5} = 36 \, \Omega
\]
Step 4: Conclusion.
Thus, the value of the smaller resistance is 24 \(\Omega\), which corresponds to option (B).