The Fifth Report, officially known as the Report from the Select Committee of the House of Commons on the Affairs of the East India Company, was published in 1812 and provides a detailed account of the administrative and commercial activities of the East India Company during the 18th century.
- Administrative Control: The report highlights the structure of the East India Company's administration, detailing its governance, policies, and the role of Company officials in managing territories. It also discusses the Company's military control, including its management of Indian rulers and their territories. - Revenue Collection: The report elaborates on how the East India Company's monopoly on trade allowed it to extract revenue from India through taxation, which it used to fund its administrative and military activities.
- Corruption and Mismanagement: The report also reveals widespread corruption among Company officials, including issues related to bribery, exploitation of Indian subjects, and the inefficient management of Indian resources.
- Social and Economic Impact: It examines the detrimental economic impact of the East India Company's policies on Indian industries, such as the destruction of the local textile industry due to the import of British manufactured goods.
Thus, the Fifth Report offers a comprehensive view of the East India Company's activities, highlighting both its administrative functioning and the negative effects of its rule on Indian society.
The following journal entry appears in the books of Latvion Ltd. :
The discount on issue of debentures is :
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.