Bernier's Belief in Private Property: Bernier was a firm believer in the virtues of private property, and he considered private ownership as important for a productive economy.
Crown Ownership as Harmful: He saw the crown ownership of land as harmful for both the state and the people as it did not encourage land ownership.
Mughal Emperor as Owner: He believed that the Mughal emperor owned the entire land, and distributed it among his nobles, which he thought was a flawed system of land ownership.
Disastrous Consequences: Bernier considered this to have disastrous consequences for both the economy and society as the peasants did not own the land.
No Rights over Land for Peasants: Owing to crown ownership, the peasants could not pass the land to their children.
Aversion to Long-Term Investment: They were averse to any long term investment for the sustenance and expansion of production, because the land was not theirs.
No “Improving" Landlords: The absence of private property in land prevented the emergence of “improving" landlords who would invest in the land, thus causing harm to the agriculture sector.
Need for Private Property for Peasants: He believed that some private property rights should be given to peasants for their personal use, which would make them want to invest in it.
No Middle Class in India: He also remarked that because of the lack of private property rights there was no middle class in India, which was bad for its social structure.
Uniform Ruination of Agriculture: He also thought that this had led to a uniform ruination of agriculture as nobody was interested in its long term upkeep.
Excessive Oppression of Peasantry: The system had resulted in an excessive oppression of the peasantry and their exploitation.
Decline in Living Standards: The lack of private ownership of the land also led to a decline in living standards for the majority, except the small rich ruling aristocracy.
Improvished Population: Indian society according to Bernier, was full of impoverished people who were being subjugated by a very small powerful ruling class.
Other Relevant Point: Any other relevant point from the chapter.
On the same political outline map of India, two places related with the centres of revolt of 1857 one marked as A and B. Identify them and write their names on the lines marked near them.
(A) Delhi
(B) Calcutta
On the given political outline map of India, locate and label the following with appropriate signs:
(i) Amravati – Buddhist site
(ii) Varanasi – Ancient city
(iii) (a) Vijayanagara – An Empire of 14th century
OR
(iii) (b) Orissa – Territory of 14th century
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.