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Answer Posted / bhuvanesh kumar
CONTRA ENTRY MEANS:
The Contra Entry means Bank - Cash or Cash - Bank or Bank -
Bank Tanscation made a entry as contra
FOR EXAMPLES:
CASH DEPOSITED IN BANK:
BANK A/C DR.
CASH A/C CR.
CASH WITHDRAWN FROM BANK:
CASH A/C DR.
BANK A/C CR.
FUNDS TRANSFER: (A COMPANY A/C IN VARIOUS BANKS)
ICICI BANK A/C DR.
IDBI BANK A/C CR.
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Received Invoice from Tvs Co. against purchase of 15 pcs of Mouse @ 750 excluding VAT 4%, Pass journal entry in the necessary books of accounts?
Alex’s Trial Balance at 31 December 2015 Dr (BWP) Cr (BWP) Capital 18 240 Bank overdraft 3 000 Fixtures and fittings 14 100 Provision for depreciation-fixtures and fittings 8 800 Inventory 14 200 Trade receivables 12 300 Trade payables 9 900 Revenue 110 000 Purchases 51 000 Discount received 1 800 Wages and salaries 26 000 Sundry expenses 34 000 Discount allowed 620 217 540 ======= 86 420 ======== Required: i Prepare the corrected trial balance at 31 December 2015. (7 marks) ii Show any difference you find as a balance on an appropriate account.
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