$array_list=array(array("value"=>0,"text"=>"--Select--"),array("value"=>268,"text"=>"Cash received"));
$selected=268;
$text="";
foreach($array_list as $entry){
if($entry['value']==$selected){
$text=$entry['text'];
break;
}
}
echo "Selected Option: ".$text;
Text will now contain the selected option, if I understood your question correct.
4
solved How to set array data posted as dropdown list in key value format [closed]