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Contra entry with example?
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Answer Posted / pranav dixit
contra entry is an entry which involves both cash and bank . such transactions are recorded in cash book are but not posted in ledger accounts . example - cash deposited into bank , cash withdrawn from bank .
Bank a/c dr 5000
To cash a/c 5000
(Being cash deposited into bank )
cash a/c dr 5000
To bank a/c 5000
(Being cash withdrawn from bank )
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