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define contra entry?
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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 | 5 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(amount deposited) and vice versa (amount withdrawn from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 |
M/s ABC Brothers, which was registered in the year 2000, has been following Straight Line Method (SLM) of depreciation. In the current year it changed its method from Straight Line to Written Down Value (WDV) Method, since such change would result in the additional depreciation of Rs. 200 lakhs as a result of which the firm would qualify to be declared as a sick industrial unit. The auditor raised objection to this change in the method of depreciation. The objection of the auditor is justified because (a) Change in the method of depreciation should be done only with the consent of the auditor (b) Depreciation method can be changed only from WDV to SLM and not vice versa (c) Change in the method of deprecation should be done only if it is required by some statute and change would result in appropriate presentation of financial 6 statement (d) Method of depreciation cannot be changed under any circumstances
WHAT IS ACCRUED INTEREST ?
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