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Answer Posted / mohammedghousemohiuddin
Contra entry is passed when cash deposited into bank and
cash withdrawn from bank for office. the reason is because
in both the transaction it will effect cash and bank.which
is explained as follows
Cash a/c Dr.
To Bank
(cash withdrawn from bank for office use)
bank a/c Dr.
To Cash
(cash deposited in bank)
on the other hand when we withdraw cash for personal use
there will not be contra entry
by
Mohammedghousemohiuddin
| Is This Answer Correct ? | 16 Yes | 2 No |
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