what is a contra entry how it is passed in journal and
cashbook
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Answer Posted / srinivas annavarapu
Contra entry is that where there will not be any effect in
TB.
For ex: Cash of Rs.1000/- deposited in Bank
in this case cash balance is decreased by Rs1000/- and at
the same time Bank balance is increased by Rs.1000/-. As
such there is no difference in your liquid balance.
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