Answer Posted / h.r. sreepada bhagi
Dear Aman, under Double Entry System of Accounting all
entries will appear in at least two accounts to match debit
& credit amount.
In Book Keeping Contra Entry refers to an entry against an
earlier entry to nullify the effect of that earlier entry.
Contra also refers to an entry which effects both Cash &
Bank books in one transaction. E.g, Cash deposit in to or
withdrawal from bank account. The term Contra Entry is
mostly is used in Cash & bank transactions.
Is This Answer Correct ? | 15 Yes | 2 No |
Post New Answer View All Answers
what do you mean byrecoupment of shortworkings in royalty accounts
Under the accrual basis of accounting, when revenues are reported in the accounting period?
If i pay for general expense (and party provide me gst details) through credit card then how i can enter party details
which report give the data of GL with materials details in sap?
how many types of currencies are there in oracle r12
What is the equation for acid-test ratio in accounting?
Explain which account is responsible for interest payable?
Kindly define necessary ledger is to maintain in excise. Kindly define how we maintain P.L.A
What do you mean by Bill of Exchnage.How to manage ? Explain
what is the amount withdrawlfrom other cbs branch by multicity chequ book.
WHAT ARE THE LIMITATIONS FACING ACCOUNT CONCEPTS AND CONVENTIONS?
Real,Nominal or Personal. Where do reserves, general reserve and Specific Reserve Go? and why?
M/s ABC Brothers, which was registered in the year 2000, has been following Straight Line Method (SLM) of depreciation. In the current year it changed its method from Straight Line to Written Down Value (WDV) Method, since such change would result in the additional depreciation of Rs. 200 lakhs as a result of which the firm would qualify to be declared as a sick industrial unit. The auditor raised objection to this change in the method of depreciation. The objection of the auditor is justified because (a) Change in the method of depreciation should be done only with the consent of the auditor (b) Depreciation method can be changed only from WDV to SLM and not vice versa (c) Change in the method of deprecation should be done only if it is required by some statute and change would result in appropriate presentation of financial 6 statement (d) Method of depreciation cannot be changed under any circumstances
Why are accounting standards necessary?
What is the important of computerized accounting to manual?