What taluqdars thought
The attitude of the taluqdars was best expressed by Hanwant Singh, the Raja of Kalakankar, near Rae Bareli. During the mutiny, Hanwant Singh had given shelter to a British officer, and conveyed him to safety. While taking leave of the officer, Hanwant Singh told him:
Sahib, your countrymen came into this country and drove out our King. You sent your officers round the districts to examine the titles to the estates. At one blow you took from me lands which from time immemorial had been in my family. I submitted. Suddenly misfortune fell upon you. The people of the land rose against you. You came to me whom you had despoiled. I have saved you. But now – now I march at the head of my retainers to Lucknow to try and drive you from the country.
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.