The Quit India Movement, launched by Mahatma Gandhi on 8 August 1942, was a significant milestone in India’s freedom struggle. It aimed for complete independence from British rule.
Causes:
1. Failure of Cripps Mission (1942): The British proposal for Indian self-rule after World War II failed, angering Indian leaders.
2. Impact of World War II: Exploitation of Indian resources for the war effort and the subsequent economic crisis created widespread discontent.
3. Rising Nationalist Sentiment: The demand for complete independence grew stronger due to British repression and exploitation.
4. Global Anti-Colonial Wave: The decline of colonialism worldwide inspired Indians to intensify their struggle.
Events:
1. Launch of the Movement: On 8 August 1942, Gandhi called for the British to “Quit India” and gave the slogan “Do or Die.” The All India Congress Committee passed a resolution demanding immediate independence. 2. Mass Arrests: The British arrested prominent leaders, including Gandhi, Nehru, and Patel, to suppress the movement.
3. Violent and Nonviolent Protests: Despite Gandhi’s insistence on nonviolence, the movement witnessed strikes, demonstrations, and attacks on government buildings and communication networks.
4. Participation of the Masses: Students, peasants, workers, and women actively participated in the movement, reflecting widespread discontent.
5. Repression by the British: The British used brutal force, imprisoning thousands, killing protesters, and imposing censorship.
Outcome:
Although the movement was suppressed by 1944, it demonstrated the unity and determination of Indians against colonial rule. It convinced the British that their hold on India was untenable, paving the way for independence in 1947.
Rupal, Shanu and Trisha were partners in a firm sharing profits and losses in the ratio of 4:3:1. Their Balance Sheet as at 31st March, 2024 was as follows:
(i) Trisha's share of profit was entirely taken by Shanu.
(ii) Fixed assets were found to be undervalued by Rs 2,40,000.
(iii) Stock was revalued at Rs 2,00,000.
(iv) Goodwill of the firm was valued at Rs 8,00,000 on Trisha's retirement.
(v) The total capital of the new firm was fixed at Rs 16,00,000 which was adjusted according to the new profit sharing ratio of the partners. For this necessary cash was paid off or brought in by the partners as the case may be.
Prepare Revaluation Account and Partners' Capital Accounts.