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Answer Posted / misbah
Contra entry takes place where we maintain Mirror accounts
to check both the accounts balances . It is mainly used in
Bank Clearing where the Clearing house will have account
for every bank and Every bank will have mirror account in
the name of Clearing house.
The Debit in Clearing house will be the credit in the Banks
side and vice versa. The balance in clearing house (
credit ) should match with the Branch Accounts ( Debit )
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