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what do you mean by contra entry? and where it is used?
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Answer / raju
contra entry means when cash draw from bank it wiil reflect
both side of the cash book.it indicated as "c" in the cash
book. EX.
1)cash withdrawn from bank
2)cash dedposited in bank
| Is This Answer Correct ? | 6 Yes | 1 No |
Answer / linu thampi
for eg. of contra entry
salary paid in advance(paid before due)
salary paid in advance A/C Dr. : 500/-
Cash / Bank Cr. : 500/-
On due of salary
Salary A/C dr. : 1000/-
cash/ Bank Cr. :500/-
Salaray paid in advance Cr. :500/-
is it right or not?
| Is This Answer Correct ? | 8 Yes | 3 No |
Answer / muchiri charles ndonga
a contra entry is a transaction whose double entry is
completed in the cashbook. it involves withdrawal of cash
fron the bank or a deposit of cash from the bank.
| Is This Answer Correct ? | 5 Yes | 1 No |
Answer / androw
Contra entry is when you paid cash into the bank, or
withdraw cash from bank,also transfer from bank to another
bank that afect both accounts Debit and Credit in the same
amount
| Is This Answer Correct ? | 5 Yes | 2 No |
Answer / nandi
Where we accounted both the sides like debit and credit.for
ex: Cash deposited to Bank. Cash withdraw from Bank and
amount transfer from one bank to another Bank. It is caled
a contra.
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / shreedhar das
Contra entry is one type of entry which afects
simontaneously to the cash and the bank a/c in the cash
book is passed at the time of 3 cases i.e 1.cash deposited
in to bank 2. cash withdrawn from bank 3.Retained cheque
dishonoured or cheque deposited after the expired date.
| Is This Answer Correct ? | 3 Yes | 2 No |
Answer / nalina
contra it is a voucher where we can record all the entries
related to bank.
withdraw cash to bank
deposited to bank
cash transfed to one bank to another bank
| Is This Answer Correct ? | 2 Yes | 1 No |
Answer / sanket
An account found in an account ledger that is used to reduce
that value of a related account. Items recorded in the
contra account are specifically designed to offset other
transactions, and are recorded as the opposite type of
entry. If a debit is recorded in a related account, the
contra account record will be a credit.
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / mohsin balwa
contra entry means transection involves between one cash
a/c to onether cash a/c or one cash a/c to onther bank a/c
| Is This Answer Correct ? | 1 Yes | 1 No |
Answer / anushree
the term cotra is a latin word, & it means the other side
or opposite or against. in accounting, this term means the
opposite sides or both the sides of any account or a
statement. in the context of three-column cash book, this
term means opposite os bith the sides, i.e., the debit side
and the credid side of the cash book,
| Is This Answer Correct ? | 0 Yes | 0 No |
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