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what do you mean by contra entry? and where it is used?
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Answer / asmar
contra entry is an entry in which one entry is created for
canceling the effect of its againest entry with the same
amount.
| Is This Answer Correct ? | 5 Yes | 9 No |
Answer / m.abinay
Contra entry is the entry that transaction is entred twice.
mostly that will be used in the banks.
| Is This Answer Correct ? | 4 Yes | 11 No |
Answer / rajinder dhawan
In Oracle:
Contra Entry Means GL Contra Entry and there below
entries are passing.
Funds in Transit Dr xxxxxx ( Bank Account)
To cash collection.
This entry depends ib Fund in Transit and Cash in Transit.
| Is This Answer Correct ? | 9 Yes | 27 No |
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An accountant used the horizontal layout to create a balance sheet. The capital of the owner was shown next to the liabilities, the confused owner argues, "My capital is my major asset and should be shown as an asset on the statement of financial position. how to begin explaining the misunderstanding to him????
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3 Answers Bank Of America, JPMorgan Chase,
Capital is asset of the company. But why does it appear in Liability side of the balance sheet.
Audit 
