define contra entry?
- 8 Answers
- 12484 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / h.r. sreepada bhagi
Dear Aman, under Double Entry System of Accounting all
entries will appear in at least two accounts to match debit
& credit amount.
In Book Keeping Contra Entry refers to an entry against an
earlier entry to nullify the effect of that earlier entry.
Contra also refers to an entry which effects both Cash &
Bank books in one transaction. E.g, Cash deposit in to or
withdrawal from bank account. The term Contra Entry is
mostly is used in Cash & bank transactions.
| Is This Answer Correct ? | 15 Yes | 2 No |
Answer / pakistani
An entry which is recorded on the both sides of cash book
at the same time
| Is This Answer Correct ? | 5 Yes | 0 No |
Answer / xyz
reversal of an entry
eg
Bank a/c
To Cash a/c
(a cheque is been deposited)
Cash a/c
To BAnk a/c
(cheque is been dishonered) is a conrta entry
| Is This Answer Correct ? | 6 Yes | 4 No |
Answer / suresh
ENTRY WHICH IS RECORED IN CASH BOOK AND PASSBOOK IS CALLED
CONTRA ENTRY.
| Is This Answer Correct ? | 5 Yes | 4 No |
Answer / boateng darko
we say a transaction is a contra entry when two accounts
which are opposite in nature are involve the single
transaction eg when you pay money from the cash account to
the bank account or when you buy from a supplier on credit
and at the same time give a credit facility to the supplier
we record it in the books of account as a contra entry.
| Is This Answer Correct ? | 2 Yes | 2 No |
In the three column cash book there will be some cross or
contra entries i.e., transfer of money from cash to bank
(amount deposited) and vice versa (amount withdrawn from
bank for office use). In all such cases both entries occur
in the cash book and no ledger entry is required. This is
indicated by a contra sign (C) in the folio column
indicating thereby that the double entry aspect of this
transaction is complete and it requires no posting to the
ledger.
"Deposits in the bank of cash: debit bank column 'To Cash'
and credit the cash column 'By bank'."
| Is This Answer Correct ? | 3 Yes | 5 No |
Answer / xyz
Dear Suresh! a transaction from cash to bank or from bank
to cash must be recorded in both the books but it is not a
contra entry. Contra entry always contradict effect of a
previous entry
| Is This Answer Correct ? | 1 Yes | 3 No |
What are the differences between debit and credit?
what is revenue recognition rule, and can you specify the answer.
WHAT IS THE DIFFERENCE BETWEEN THE BENEFITS OF DIRECT EXPENSE AND INDIRECT EXPENSE
WHAT IS THE LAST DATE OF HOUSE TAX SUBMITED , AND WHAT IS THE RATE OF HOUSE TAX ?WE PAID HOUSE TAX MCD OR ANY OTHER. PLEASE TELL ME.
Define push down accounting?
BANK
WHAT IS INTERIM BUDGET
Are all employess of Embassies and World Bank in India are exempt form paying service tax for personal and offical use of the services or only Dimplomats in case of Embassies and Selected emplyoees of World Bank are exempt from payeing Service Tax for personal/offical use
Sales tax waybill is required for how much value of invoice (for example we raise Rs.1000 bill is waybill required in andhra pradesh)
What is 3/3 in Procure to pay (p2p) in Accounts Payable?
What is the accounting entries for future dated payment method
How to make balance sheet, please advise me in details... Thankx
Audit 
