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what is Contra Entry?
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Answer / s.kumuda
If a transaction requires entries on both the debit and
credit sides simultaneously, it is called 'Contra entry'
| Is This Answer Correct ? | 29 Yes | 2 No |
Answer / nimmasudhakar reddy
if transaction has to entry both sids like that debit and
credit it's called cantra entry .For example cash deposited
in sbi bank .2. cash withdraw from bank. these statments
have to entry both sides
| Is This Answer Correct ? | 28 Yes | 2 No |
Answer / priyanka
Contra entry is one which is recorded in the both side of
the Three column cash book by indicating capital 'C'in L.F
column. It is recorded only when on of the below entry is
happend. Such as
1. When cash deposited in to bank.
2. When cash withdrawl frOm bank.
| Is This Answer Correct ? | 12 Yes | 0 No |
Answer / priyanka
Contra entry is one which is recorded in the both side of
the Three column cash book by indicating capital 'C'in L.F
column. It is recorded only when on of the below entry is
happend. Such as
1. When cash deposited in to bank.
2. When cash withdrawl frOm bank.
| Is This Answer Correct ? | 4 Yes | 0 No |
Answer / sekhar reddy
one day two transactions in bank and cash book both cridit
and debit side of the three colum cash book.
| Is This Answer Correct ? | 4 Yes | 1 No |
Answer / kiran
Contra Entry is transactions between Cash & Bank. e.g.If we
withdraw money from bank, it's accounting entry will be "
Cash A/C ...DR. XXX
To bank A/C CR. XXX.
| Is This Answer Correct ? | 4 Yes | 1 No |
Answer / ramana
contra entry means it is a entry to done the transactions
same date. that means cash withdrawn from the bank and
deposited in the same date in the same bank or another bank.
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / kulwant singh
Contra Entry: Bank to bank, cash to cash ,cash to bank ,
bank to cash all entry made in contra.
| Is This Answer Correct ? | 3 Yes | 1 No |
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2. You are required to prepare a Profit & Loss Account for the year ending 31st December, 2007 and the Balance Sheet on that date. The Trial Balance of XYZ Ltd. for the year ended 31st December 2007 is as follows:- Trial Balance of XYZ Ltd. as on 31st Dec. 2007 Debit Balances Rs. Credit Balances Rs. Materials used 3,50,000 Sales(including 2% Sales tax) 9,18,000 Cost of Labour 1,50,000 Sale of Scrap 100 Stock, finished and work in process on 31st December, 2006 50,000 Rent received 2,000 Wages : Factory Staff 15,000 Discounts 2,750 Directors Remuneration 50,000 Recovered against fire claim re : Stock 5,000 Salaries : Clerical Staff 75,000 Capital : Equity 25,000 Insurances : Workmen’s Compensation 1,500 Preference- 9% 8,000 General, fire etc. 2,000 Creditors 1,56,000 Directors’ Life Insurance 1,500 Provision for Taxation 1,05,000 Maintenance : Buildings 1,000 Profit & Loss Account 13,750 Plant and Machinery 12,500 Rent and Rates of premises and hire of plant 20,000 Heat, Light and Power 15,000 Experimental and Laboratory Expenses 10,000 Canteen Expenses 5,000 Staff Welfare expenses 2,500 Motor Expenses 12,500 Professional Charges 2,800 Postage and Telephone 3,500 Books, Printing and Stationery 11,000 Sundry expenses 10,000 Carriage and Packing on Sales 3,300 Discounts 5,000 Debtors 1,78,000 Freehold Property 50,000 Plant and Machinery 12,500 Fixtures and Fittings – Offices 3,500 Office machinery and Equipment 3,000 Motor Car and Van 6,500 Stock of materials on 31st Dec. 2007 1,20,000 Bank 38,000 Sales Tax Paid 15,000 12,35,600 12,35,600 Depreciation is to be provided at the following rates: Plant and Machinery 10% Fixture and Fittings 05% Office Machinery, etc. 10% Motor Vans and Cars 25% The stock of finished goods and work in progress as on 31st December, 2007 was Rs. 35,000. Provide for preference dividend and ordinary dividend at 10%. The total taxation liability is estimated at Rs.1,50,000 of which Rs. 75,000 relates to the current year. Debtors include Rs. 10,000 deposited as security against government contracts. The Works Manager is paid partly by salary and partly by a commission; he is entitled to a commission of 5% on the amount by which the surplus in the factory cost exceeds 20% of the sales for the period. Charge the commission if any in the Profit and Loss Account.
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