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what do you mean by contra entry? and where it is used?
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Answer Posted / linu thampi
for eg. of contra entry
salary paid in advance(paid before due)
salary paid in advance A/C Dr. : 500/-
Cash / Bank Cr. : 500/-
On due of salary
Salary A/C dr. : 1000/-
cash/ Bank Cr. :500/-
Salaray paid in advance Cr. :500/-
is it right or not?
| Is This Answer Correct ? | 8 Yes | 3 No |
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