Answer Posted / boateng darko
we say a transaction is a contra entry when two accounts
which are opposite in nature are involve the single
transaction eg when you pay money from the cash account to
the bank account or when you buy from a supplier on credit
and at the same time give a credit facility to the supplier
we record it in the books of account as a contra entry.
| Is This Answer Correct ? | 2 Yes | 2 No |
Post New Answer View All Answers
Does the accounting system appear to facilitate one specialty from financial, auditing, or cost managerial or tax accounting over the others?
What are the uses of journal in accounting?
Apportionment of expenses
Explain what are the rules for debit and credit for different accounts to increase the amount in your business accounts?
List out things that fall under intangible asset?
my company taken a hdfc car loan rs.355493/= but bank received only 347345/= .after received the amount company purchase the car. after that regular emi paid to hdfc bank.
Define trade bills?
Explain me the basic accounting equation?
In accounting, how do you define the premises?
What elements of your job do you find most difficult?
What do you know about this position?
What is accounting transaction?
Equipment A has a cost of Rs.75,000 and net cash flow of Rs.20000 per year for six years. A substitute equipment B would cost Rs.50,000 and generate net cash flow of Rs.14,000 per year for six years. The required rate of return of both equipments is 11 per cent. Calculate the IRR and NPV for the equipments. Which equipment should be accepted and why?
HOW TO FILL PURCHASE RETURNS IN VAT 200,IF NOT PURCHASES THE PERIOD?
hi m freshe working as a account assistance. i want know about accounts, what is balance sheet, profit & loss a/c, trail balance? why these are require to company? how can i know about full account work in tally? what should i do everyday? how to finalisation calculting? kindly explain please..
