UPSC EPFO Notes

Which of the following is not a business transaction? a. Bought furniture of `10,000 for business b. Paid for salaries of employees ` 5,000 c. Paid sons fees from her personal bank account ` 20,000 d. Paid sons fees from the business ` 2,000 Option (d) shouldn't be a business transaction. The business and personal life are different entitites. So according to the rules of accounts, busienss money can't be used for personal use. But since the money from business account is already gone and therefore it will have to be adjusted in the balance sheet of business and should be mentioned as 'Drawing'. Option (c) is not a business transaction. It is a personal transaction. Therefore it the correct answer even though it is legally the correct way to pay for personal use. Accounting Accounting is a systematic process of identifying, measuring, recording, classifying, summarizing, interpreting and communicating financial information. Accounting is defined as th...

British Historians call it ' Sepoy's Mutiny '. And Indian historians like Vinayak Damodar Savarkar call it The First war of Independence . Causes of Revolt Before this revolt there were some earlier revolts as well. For example: From 1831-33, there was a revolt by Kol community. It is called Kol Revolt.  In 1848 there was Kangra revolt. Kangra is a place in Himachal Pradesh. In 1855 - 56, there was a revolt called Santhal Revolt. Santhal was a tribal community which was resisting English capture. 1. Political Cause 2. Social Cause 3. Religious Cause Political Cause 1. Doctrine of Lapses:  In 1799, the governor general of Bengal was Lord Wellsly. He brought a policy called Subsidary Alliance. Under this, any state who becomes party of it cannot have its own army and relationship with other states without the permission of Britishers. Nizamabad (Hyderabad) was the first state to adopt Subsdiary alliance.  Those states which were the party in ...

Modern History of India Advent of Europeans in India Commercial contacts between India and Europeans were very old via the land route but there were various shortcomings of Land-based routes like multiple taxations, theft, conflicts with tribes/kingdoms etc. Therefore in 1494, Columbus of spain started for India in search of a sea route and discovered America instead. In 1498, Vasco de Gama of Portugal discovered a new sea route from Eurpoe to India. He reached Calicut by sailing around Africa via the Cape of Good Hope. This was the first arrival of Europeans to India by Sea route. After the decline of the Roman Empire in the seventh century, the Arabs had established their domination in Egypt and Persia.  Direct contact between the Europeans and India declined.  in 1453, constantinople fell to the Ottomon Turks, who were on the ascendant. Merchandise from India went to the European markets through Arab Muslim intermediaries. The Red sea trade route was a...