define contra entry?
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Answer / h.r. sreepada bhagi
Dear Aman, under Double Entry System of Accounting all
entries will appear in at least two accounts to match debit
& credit amount.
In Book Keeping Contra Entry refers to an entry against an
earlier entry to nullify the effect of that earlier entry.
Contra also refers to an entry which effects both Cash &
Bank books in one transaction. E.g, Cash deposit in to or
withdrawal from bank account. The term Contra Entry is
mostly is used in Cash & bank transactions.
| Is This Answer Correct ? | 15 Yes | 2 No |
Answer / pakistani
An entry which is recorded on the both sides of cash book
at the same time
| Is This Answer Correct ? | 5 Yes | 0 No |
Answer / xyz
reversal of an entry
eg
Bank a/c
To Cash a/c
(a cheque is been deposited)
Cash a/c
To BAnk a/c
(cheque is been dishonered) is a conrta entry
| Is This Answer Correct ? | 6 Yes | 4 No |
Answer / suresh
ENTRY WHICH IS RECORED IN CASH BOOK AND PASSBOOK IS CALLED
CONTRA ENTRY.
| Is This Answer Correct ? | 5 Yes | 4 No |
Answer / 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 |
In the three column cash book there will be some cross or
contra entries i.e., transfer of money from cash to bank
(amount deposited) and vice versa (amount withdrawn from
bank for office use). In all such cases both entries occur
in the cash book and no ledger entry is required. This is
indicated by a contra sign (C) in the folio column
indicating thereby that the double entry aspect of this
transaction is complete and it requires no posting to the
ledger.
"Deposits in the bank of cash: debit bank column 'To Cash'
and credit the cash column 'By bank'."
| Is This Answer Correct ? | 3 Yes | 5 No |
Answer / xyz
Dear Suresh! a transaction from cash to bank or from bank
to cash must be recorded in both the books but it is not a
contra entry. Contra entry always contradict effect of a
previous entry
| Is This Answer Correct ? | 1 Yes | 3 No |
If the bill is " maa hottel, prop.: a.ghosh". If i can draw a cheque in favour of A.ghosh, this is wroung or right ? please give the undersection of the NIT act.
From the following Trial Balance of Seema Garments as on 31st Dec., 2007, prepare Trading Profit and Loss Account and Balance Sheet: Dr. Rs. Cr. Rs. Opening Stock 15000 Purchases and Sales 109000 180000 Manufacturing Wages 8000 Fuel, Power and Lighting 12000 Salaries 11000 Income Tax 5500 Loan to Mr. X at 10% pa. 5000 Interest on Mr. X’s Loan 300 Apprentice Premium 4500 Rent 4000 Rent Owing 600 Furniture (includes furniture of Rs.1000 purchased on 1st July, 2007) 5000 B/R and B/P 6000 1600 Plant 72000 Debtors and Creditors 28000 13000 Capital 100000 Cash 19500 300000 300000 Informations: 1. Closing Stock was valued at Rs. 30,000. 2. Goodsworth Rs. 5000 was sold on 28th December, but no entry was passed to this effect. 3. Goods costing Rs. 7000 was purchased and included into Stock but no entry was passed to record the purchases. 4. Create a provision of 2% for discount on debtors. 5. Apprentice premium received on 1st January, 2007 was for 3 years. 6. Depreciate the furniture by 10% p.a. 7. Salaries for the month of December, 2007 are still outstanding.
6, state with reasons wheather the following items are capital expenditure or revenue expenditure i, A factory building was constructed at a cost rs 1500000 a sum of rs 64000 were incurred for the construction of huts for storing building materials ii, rs 5000 paid for removal of stock to a new site iii, expenses incurred in connection with obtaining a license to start the business were rs 15000
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