What is contra account?
- 4 Answers
- 6814 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / bapi
In contra a/c both cash a/c & bank a/c are
involved.sometimes both bank a/c are forms contra a/c.
| Is This Answer Correct ? | 8 Yes | 1 No |
Answer / sunil kumar tyagi
contra account is a account that offset that related
account.the basic function of contra account is basically
to be an opposite of another account.for example a account
showing a dedit is a contra account known as contra
liability account.similarily a account showing a credit is
a contra account known as contra liability account.for
example if an asset has been amortized then decrease in the
value of asset will be compensated by the ammortized value
accont which is a cotra account ot it. In order to balance
the debit position associated with the amortization, an
opposite or contra account with the balance sheet structure
will represent a credit that essentially offsets the
amortized figure. This helps to maintain a balance between
debits and credits in the bookkeeping process
| Is This Answer Correct ? | 5 Yes | 1 No |
Answer / sekhar reddy
contra means one transaction is done by one day both cash
a/c & bank a/c are
involved.sometimes both bank a/c are forms contra a/c
| Is This Answer Correct ? | 1 Yes | 2 No |
shares & debentures ?
You give a loan for your friend a 1000 rs he returns 600 rs and u have to close ur accounts what should u do to close the accounts? and given the journal entry for 400 rs?and where will the 400 rs come in new account and entry for that
11 Answers Bank of Baroda, OPI Global,
give the general entry for Depriciation of machinary
what is Prime Brokerage?
Expand---------MDOT
EXPAND______________PDF
Define Normal Loss and Abnormal Loss what is the effect in books of accounts.
What is the Accountancy ? Give the Answer in one sentence.
How Frequently shall a company file the service tax returns and how frequently shall a company pay the service tax to the Government ?
What is C form? In C form 'C' means what
what is the difference between mutual fund and banks
What are events occuring after the balancesheet date?
Audit 
