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what is contra entry . plz explain with example.
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Answer / naga lakshmi
contra entry means it is both cash&bank transactions.
example:1)cash deposited into bank
2)cash withdrawn from bank
| Is This Answer Correct ? | 47 Yes | 6 No |
Answer / jayanta roy
In a single transaction where both Bank a/c and Cash a/c are involved,it is a case of contra entry.
E.g: CASH DEPOSITED INTO BANK
BANK A/C....DR
TO GASH A/C
WITHDRAWN CASH FROM BANK
CASH A/C.....DR
TO BANK A/C
| Is This Answer Correct ? | 19 Yes | 4 No |
Answer / manoj babu
its is combination of mutiple enteries to sa single entry
where both will appear in debit and credit account
| Is This Answer Correct ? | 15 Yes | 8 No |
Answer / suresh dhami
A Contra Entry is related to cash & bank
For E.g.
1. Cash Deposited Into bank
2. Cash withdrawn from bank for business purposes
3. Inter bank Transaction.
| Is This Answer Correct ? | 6 Yes | 2 No |
Answer / divyagirantla1995@gmail.com
Contra entry is called in two entries 1 cash depasited into bank 2cash with draw from bank
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / gourab mistri
BANK TO BANK
CASH TO CASH
BANK TO CASH
CASH TO BANK
| Is This Answer Correct ? | 8 Yes | 10 No |
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From the following Trial Balance of Seema Garments as on 31st Dec., 2007, prepare Trading Profit and Loss Account and Balance Sheet: Dr. Rs. Cr. Rs. Opening Stock 15000 Purchases and Sales 109000 180000 Manufacturing Wages 8000 Fuel, Power and Lighting 12000 Salaries 11000 Income Tax 5500 Loan to Mr. X at 10% pa. 5000 Interest on Mr. X’s Loan 300 Apprentice Premium 4500 Rent 4000 Rent Owing 600 Furniture (includes furniture of Rs.1000 purchased on 1st July, 2007) 5000 B/R and B/P 6000 1600 Plant 72000 Debtors and Creditors 28000 13000 Capital 100000 Cash 19500 300000 300000 Informations: 1. Closing Stock was valued at Rs. 30,000. 2. Goodsworth Rs. 5000 was sold on 28th December, but no entry was passed to this effect. 3. Goods costing Rs. 7000 was purchased and included into Stock but no entry was passed to record the purchases. 4. Create a provision of 2% for discount on debtors. 5. Apprentice premium received on 1st January, 2007 was for 3 years. 6. Depreciate the furniture by 10% p.a. 7. Salaries for the month of December, 2007 are still outstanding.
Audit 
