Ali, Akbar, and Lal collectively have Rs. 390, with Ali possessing five times what Lal has, and Akbar having three-quarters of Ali's amount. To solve for Akbar's amount, the problem can be expressed with equations based on these relationships. The discussion emphasizes the importance of translating the given information into mathematical statements to find the unknowns. Participants suggest using variables to represent each person's amount and combining the equations to solve for Akbar's share. The problem is categorized as elementary algebra, requiring careful manipulation of the equations to arrive at the solution.