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What is Contra entry
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Answer / shiva
contra entry is a transaction when both cash and bank
balances are effected same.
| Is This Answer Correct ? | 17 Yes | 2 No |
Answer / raghavendra kiran
Contra Entry is an entry passed when debit and credit
relating to cash/bank transaction.
Ex:- When cash deposited in bank
Bank A/C
to Cash A/c
in this entry debit & credits are relating to bank & cash
| Is This Answer Correct ? | 10 Yes | 0 No |
Answer / bhuvanesh kumar
CONTRA ENTRY MEANS:
The Contra Entry means Bank - Cash or Cash - Bank or Bank -
Bank Tanscation made a entry as contra
FOR EXAMPLES:
CASH DEPOSITED IN BANK:
BANK A/C DR.
CASH A/C CR.
CASH WITHDRAWN FROM BANK:
CASH A/C DR.
BANK A/C CR.
FUNDS TRANSFER: (A COMPANY A/C IN VARIOUS BANKS)
ICICI BANK A/C DR.
IDBI BANK A/C CR.
| Is This Answer Correct ? | 8 Yes | 0 No |
Answer / h.r. sreepada bhagi
Contra entry is passed to effect transactions in Cash & bank
Book whenever there is cash withdrawal from or cash deposit
to the bank.
In case of transfer of funds between 2 bank accounts or 2
separate cash accounts (like Imprest Cash Account & main
Cash A/c) Contra entry can be passed.
| Is This Answer Correct ? | 6 Yes | 2 No |
Answer / abdullah amer
contra entry is the transaction which is recorded on the
both side of triple column cash book that is cash and bank
columns on the opposite sides.in other words the double
entry aspect of the transction is completed in the cash
book itself
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / k.harish kumar
CONTRA ENTRY MEANS CASH AND BANK BOTH ARE TRANSCATIONS AND
COMPANIES BANK TO BANK TRANSACTION USE ENTRY
FOR EX: 1.CASH DEPOSIT INTO THE BANK
BANK A/C
TO CASH A/C
(BEING CASH DEPOSIT INTO THE BANK)
2.BANK TO BANK TRANSFERS EX:
BANK(7921) A/C
TO BANK (7783) A/C
(BEING CHEQUE AMOUNT TRANSFER FROM BANK (7783 TO 7921))
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / vijaykant
Conta entry takes place in three occassion
1) when cash is withdrawn from bank
Cash A/C Dr.
To Bank A/c Cr.
2) when cash is deposited in bank &
Bank A/C Dr.
To Cash A/c Cr.
3) branch transfer takes place from one branch to another.
Bank 1 A/c Dr. 20000
TO Bank 2 A/c Cr. 20000
( In this case amount of 20000 is transferred from Bank 2
to Bank 1)
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / misbah
Contra entry takes place where we maintain Mirror accounts
to check both the accounts balances . It is mainly used in
Bank Clearing where the Clearing house will have account
for every bank and Every bank will have mirror account in
the name of Clearing house.
The Debit in Clearing house will be the credit in the Banks
side and vice versa. The balance in clearing house (
credit ) should match with the Branch Accounts ( Debit )
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / vidya varier
Contra entry is a transaction involving transfer of cash between one Cash A/c to another or one Cash A/c to another Bank A/c i.e., is a transaction indicating transfer of funds from:
Cash account to Cash account
Cash account to Bank account
Bank account to Cash account
Bank account to Bank account
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / ganapathi k
Cash a/c dr
to bank cr
( being cash deposited to bank )
| Is This Answer Correct ? | 1 Yes | 2 No |
define SOX
The following information is extracted from the audited books of accounts of a chain of food stores for the period ended 31st December 2015. Revenue Statement (Trading and Profit and Loss Account for the year ended 31st December 2015. BWP’000 BWP’000 Sales 460 Cost of good sold (220) Gross profit 240 Wages 50 Other expenses 30 (80) Net Profit 160 Note: The purchase figure included in the cost of goods sold of P255 000. Balance Sheet as at 31st December 2015 BWP’000 BWP’000 Fixed Assets 400 Current assets: Stock 80 Debtors (trade) 120 Bank 400 ----- [600] Current liabilities: Trade creditors 300 ------ [300] 300 Net Assets 700 ==== Financed by: Share capital 600 Revenue reserves 100 ------ 700 Shareholders Funds 700 ===== Required: (a) Calculate the following accounting ratios: (i) Current ratio (ii) Acid test ratio (iii) Stock turnover (in days) (iv) Debtors turnover (in days) (v) Creditors turnover (in days) (vi) Return on capital employed (ROCE) (vii) Gross profit percentage (viii) Net profit percentage (b). Give a brief comment on the performance of the company, based on the above ratios.
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12 Answers Chartered Accountant, OPI Global,
Audit 
