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what is Contra Asset?
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Answer / tapan
Contra asset are asset account with credit balance e.g
allowances for doubtful account,accumulated depreciation.
| Is This Answer Correct ? | 25 Yes | 9 No |
Answer / rajendra panda
Assets have debit balance but contra assets have credit balance. Contra assets offset the debit balance of assets account. Accumulated depreciation of building is an example of contra assets.
| Is This Answer Correct ? | 11 Yes | 0 No |
Answer / santhosh kumar
Contra assets is an assets where the balance ethier will be credit balance or zero balance.
| Is This Answer Correct ? | 3 Yes | 0 No |
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