define contra entry?

Answer Posted / xyz

Dear Suresh! a transaction from cash to bank or from bank
to cash must be recorded in both the books but it is not a
contra entry. Contra entry always contradict effect of a
previous entry

Is This Answer Correct ?    1 Yes 3 No



Post New Answer       View All Answers


Please Help Members By Posting Answers For Below Questions

simply define shares and debentures

1083


What is the purpose of financial statements?

625


Spinoff,Spelloff

1823


How do you maintain accounting accuracy?

698


In South Africa , the current rate for value added tax is ?

1210






Where do we show "Dividend paid in FFS ,either in FFO or in FFS? what is teh concept behind?

1552


i am normally accountant. i am not a CA. then i learn a account maintain

1370


What do you know about this position?

648


Regarding vat return,I have 3 units can i return at a time for 3 units vat return only one vat form. Kindly suggetion the same how to do.

2517


consultancy charges receivable Rs 30000 from abc & co. tds receivable 3000

926


What is the difference between a provisions and reserves?

604


All Interview related Questions pertaining to General Ledger,Finance & Accounts.

2311


is it related to b.com syllabus or puc syllabus

1912


What is the use of 2a, 2b & 2c form in CST ?

2068


HI I AM WORKING IN A INTERIOR DESIGNING COMPANY.WE ACTUALLY GET PROJECTS FROM CLIENTS & WE SUBCONTRACT THE WORK WE USUALLY SUBCONTRACTS THE SUPPLY OF LABOUR & SUPPLY OF MATEIALS TO SUBCONTRACTORS.WE DONT HAVE LABOURS OF OUR OWN & ALSO PRODUCTION OF MATERIALS.HOW CAN I TREAT THIS IN TALLY IS THERE ANY OPTION AVAILABLE IN TALLY FOR SUBCONTRACTING OR SHALL I ENTER THE NAME OF SUBCONTRACTORS AS SUNDRY CREDITORS AS WE DO USUALLY IN TALLY.PLEASE DO LET ME KNOW ABOUT THIS 0554125475 IS MY NUMBER

1643