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what do you mean by contra entry? and where it is used?
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Answer / parthu
contra entry effects both bank and
cash coloumns there are three
cases in which contra entry occurs
they are1.cash deposited in to bank
2.when cash withdrawn for office
use 3.cheque received but later
deposited in to bank ,in this case
received cheque should be treated
as cash
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / sathi
When a transaction effects both cash and bank accounts at the same time,such entries are called as contra entries.
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / deepak jeet
Contra entry passed for transferred transaction related to cash or bank
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / sarfraz khan
CONTRA IS A ENTRY VOUCHER IN ACCOUNTANCY WHICH MANTAIN THE
RECORD OF ALL ENTRIES RELATED TO BANK TO CASH, CASH TO
BANK, OR TRANSFER THE ACCOUNT EITHER BY CHECK OR CASH TO
BANK OR VICE VERSA OF THE CONCENRED COMPANY.AND INTERNAL
BANK TRANSFER OF THE SAME COMPANY.
| Is This Answer Correct ? | 0 Yes | 1 No |
Answer / manohar reddy
which accounting entry is recorded on both the debit and
credit side of the cash book is known as the contra entry.
some transactions are recorded in three column cash book
which relates to both cash & bank i.e. balance of one will
decrease and other will increase due to such transactions.
such transactions are entered on both sides of the cash
book . such entries are known as Contra Entry.
| Is This Answer Correct ? | 0 Yes | 1 No |
Answer / ch.ramesh
contra entry is passed in following cases
1)when there is a transaction between two different banks
i.e transfer of funds from one bank to another or,
2)cash withdrawn from bank or,
3)cash dedposited in bank or,
| Is This Answer Correct ? | 0 Yes | 1 No |
Answer / madhvi
contra entry is one which is recorded in cash book and from
where posting to ledger accounts is not done. It is a
opposite entry which is recorded in both sides of cash book
itself
| Is This Answer Correct ? | 0 Yes | 1 No |
Answer / naveen kumar.karumuri
HERE CONTRA ENTRY MEANS-WE WILL DO THE BANK TRANSATIONS IT
NEED TO PROPOSE IN ACCOUNTING POINT OF VIEW PREPARED "THREE
COLUMN CASH BOOK" CONTRA ARISES IN 3 SITUVATIONS
1.CASH DRAWN FROM THE BANK
2.CASH DEPOSITED INBANK
3.CASH USING FOR PERSONNEL USE
THEN THE POSTING IS
1.CASH DEBIT BANK IS CR
2.BANK IS DR CASH IS CR
3.CASH IS DR
CONTRA IS SITUVATED IN ABOVE 3 TRANSATIONS
THANKING YOU,
NAVEEN.KARUMURI
| Is This Answer Correct ? | 0 Yes | 1 No |
Answer / nolly ughanze
It is a bookkeeping entry that is entered on the opposite
side of an earlier entry to cancel its effect on the
account balance
It is better to say Contra is an adjustment entry, because
it doesn't affect your Net Cash Balance.(whether cash in
hand or bank, your current asset will be the same)
| Is This Answer Correct ? | 8 Yes | 10 No |
Answer / sarmistha samal
contra voucher is a voucher where we deposite
cash ,withdraw cash,transfer of cash occurs.
| Is This Answer Correct ? | 1 Yes | 4 No |
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