The 'Threshold Limit' for mandatory e-invoicing under GST for B2B transactions is aggregate turnover exceeding: MCQ with Answer and Explanation

Question
The 'Threshold Limit' for mandatory e-invoicing under GST for B2B transactions is aggregate turnover exceeding:
A. ₹20 crore
B. ₹1 crore
C. ₹5 crore
D. ₹10 crore
Answer: Option C
Solution (By JKSSB Mock Tests)
As of recent updates, e-invoicing is mandatory for aggregate turnover above ₹5 crore.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
Under Schedule III of the Companies Act 2013, 'Trade Receivables' are classified under:
A. Current Assets
B. Inventories
C. Non-Current Assets
D. Cash and Cash Equivalents
Discuss
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Correct Answer: Option A

Explanation:
Trade receivables (Debtors and Bills Receivable) expected to be realized within 12 months are classified as Current Assets.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Termination Benefits' under Ind AS 19 are recognised:
A. When the employee retires
B. When paid
C. At the earlier of when the entity can no longer withdraw the offer or when the entity recognises restructuring costs
D. Over the service period
Discuss
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Correct Answer: Option C

Explanation:
Termination benefits are recognised at the point of no withdrawal.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
Which of the following is a revenue expenditure?
A. Legal expenses to acquire a building
B. Extension of building
C. Purchase of land for factory
D. Annual repairs of machinery
Discuss
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Correct Answer: Option D

Explanation:
Annual repairs are recurring and maintain existing asset's earning capacity, hence revenue expenditure. Others are capital expenditures.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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