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Categories >> Accounting >> Accounting General
 
 


 

 
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 Accounting General interview questions  Accounting General Interview Questions (2777)
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Question
what is the difference between contra entry and double entry?
 Question Submitted By :: Gideon
I also faced this Question!!     Rank Answer Posted By  
 
  Re: what is the difference between contra entry and double entry?
Answer
# 1
Double Entry:
You've probably heard the saying, "Money doesn't grow on
trees." It means that money must come from somewhere---it
doesn't just "appear." Double-entry accounting is a method
of record-keeping that lets you track just where your money
comes from and where it goes.

Using double-entry means that money is never gained nor
lost---it is always transferred from somewhere (a source
account) to somewhere else (a destination account). In
GnuCash, this transfer is known as a transaction, and each
transaction requires at least two accounts.

Contra Entry:
Contra entry is journal entry.It will be effect in two books
one is cash book and another one is bank book.Now we will
be take cash deposit in bank and entry will be come like
this

Bank A/c dr ***
to cash A/c ****
(cash deposit in bank)
now here bank balance is increase and cash balances is
dicrease and it is effected in both books.
 
Is This Answer Correct ?    55 Yes 1 No
Anu
 
  Re: what is the difference between contra entry and double entry?
Answer
# 2
Double entry as the name suggests is a way of record
keeping where the entry is done in two accounts where as in
contra entry two accounts will always be affected ie bank
and cash accounts
 
Is This Answer Correct ?    22 Yes 0 No
Smitha
 
 
 
  Re: what is the difference between contra entry and double entry?
Answer
# 3
I will go with anu, but i will not accept the contra entry
is journal entry, there is lot of difference between the both.
 
Is This Answer Correct ?    1 Yes 2 No
Srinivas_accountant
[Doyen Constructions Private Limited]
 
  Re: what is the difference between contra entry and double entry?
Answer
# 4
Contra entry is effected in two books cash and bank but
contra entry is not like journal entry
 
Is This Answer Correct ?    2 Yes 2 No
Renu
 
  Re: what is the difference between contra entry and double entry?
Answer
# 5
under double entry system both the aspect of changes in the
transaction are recorded in the books of accounts one
change is Debit another change is credit with and equal
amount.

Cotra Entry:
An entry in which cash and book both are involved
known as contra entry.
 
Is This Answer Correct ?    2 Yes 1 No
Sajjad1
 
  Re: what is the difference between contra entry and double entry?
Answer
# 6
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......
 
Is This Answer Correct ?    0 Yes 0 No
Babhu Kanchupalli(dms)
 

 
 
 
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What is the journal entry for tds collected on a cheque of Rs 50000 paid to a consultant?   2
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What will be the journal entry for advance payments made to the other parties?   4
what will be the journal entry-discount rs 2000 allowed to mr x.and discount received rs 2000 from mr x.actually i am confused that in the first entry both discount a/c and mr x a/c will be credited as per the accounting standards.please help experts.thanks   2
which opening balance should be taken after bank reco.   3
I have two godown in Delhi.i want transfer of goods from one to another what documents are required   1
 
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