Commerce Accountancy ยท Economics

Journal Entries and Depreciation

650 Questions

Journal entries and depreciation are core accountancy topics involving the systematic recording of financial transactions and the calculation of asset value reduction over time. Students must solve problems related to bad debts, provision calculations, and error rectification. These questions are essential for candidates appearing in commerce and accounting competitive exams.

Bad debts provisionAsset depreciation calculationPurchase return errorsTrial balance rectificationDebenture issuance

Journal Entries and Depreciation Questions

Multiple choice

What is the penalty for not filing GSTR-9 by the due date?

  1. Rs. 10,000

  2. Rs. 20,000

  3. Rs. 30,000

  4. Rs. 40,000
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The penalty for not filing GSTR-9 by the due date is Rs. 20,000.

Multiple choice

What is the penalty for late filing of GST returns?

  1. Rs. 100 per day

  2. Rs. 200 per day

  3. Rs. 300 per day

  4. Rs. 400 per day
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The penalty for late filing of GST returns is Rs. 200 per day, subject to a maximum of Rs. 5,000.

Multiple choice

What is the penalty for late filing of TCS returns?

  1. Rs. 100 per day

  2. Rs. 200 per day

  3. Rs. 500 per day
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The penalty for late filing of TCS returns is Rs. 200 per day.

Multiple choice

What is the penalty for late filing of service tax returns?

  1. Rs. 100 per day

  2. Rs. 200 per day

  3. Rs. 500 per day

  4. Rs. 1,000 per day
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The penalty for late filing of service tax returns is Rs. 200 per day.

Multiple choice

What is the penalty for non-maintenance of records by a service provider?

  1. Rs. 5,000

  2. Rs. 10,000

  3. Rs. 25,000

  4. Rs. 50,000
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

The penalty for non-maintenance of records by a service provider is Rs. 5,000.