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what is the difference between contra entry and double entry?
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Answer Posted / babhu kanchupalli(dms)
Every journal entry must made based on the accounting principles.
Every entry has dual aspect contra entry is not exceptable. Of course contra entry is also a journal entry but every entry can not be a contra entry.Contra entry has an unique quality i.e it takes place in both sides of the accounts but not an every entry.that is the unique difference which makes the contra entry to be separated from the other.that is the difference......
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