Answer Posted / 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 |
Post New Answer View All Answers
if company give the purchase order worth of 10,000 (INR) in advance, but the seller only sell around 8,000 (INR)and remain ing Rs 2000 return to the company, so how to deal with this scenario in accounts payable in oracle, can u hide to me
hai! i am a BE(computer science) graduate with 54% of aggregate looking for bank clerk job? in interview they are asking why are you looking for a bank job and what guareente that once you are selected ? plz guide me?
How do I record a prior year property tax refund on sale of asset due to overvaluation
In South Africa, the value added tax is administered by?
Please provide me the entire format of P.F. & ESI
is there is mentioned that we can adjust excess debtors with creditor in the stock statement while calculating Drawing Power
What is the basic accounting equation?
There are two Business areas 1100 and 1200. I need to pick 1200 b.areaonly While enter the transaction? could any one please post the answer for this.
What are the steps involved in project implementation?
Explain which accounting application you prefer most and why?
Tell me what are the key tasks for account executive?
HI FRNDS THIS IS NARESH I DONE MBA (FINANCE)IN 2011. AND I DID COMPLETE SAP FICO.I WANT TO DO START CAREER WITH SAP FICO PLZ TELL ME PLZ HAVE ANY INTERVIEW AS FRESHER IN HYD OR PLZ SEND THIS MAIL...NAINALA.NARESH@GMAIL.COM
Follow up ageing balances of Debtors & Creditors and also Inventory
what is a grn in terms of accounting ? what is a grnthroughpo in terms of purchase order? what is a direct grn?
Sir i want to ask that if the salary above 6500/- than also pf deduct.
